Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Question
Chapter 7, Problem 18QE
(a)
To determine
Determine the
(b)
To determine
Determine the
(c)
To determine
Determine the
(d)
To determine
Determine the producer and consumer surplus, if price is held at $12 a unit.
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Answer the following questions based on the graph that represents Kyle's demand for ribs per week at Big Ed's Barbecue.
f.
If the price of ribs rose to $10, what would happen to Big Ed's producer surplus?
g.
What is the total surplus in this market at a price of $10?
h.
If the price of ribs fell to $5, what would be Kyle's consumer surplus?
j.
What is the total surplus in this market at a price of $5?
Identify the Surpluses. The graph to the right shows a supply curve and a
demand curve and several areas in between. Identify the areas on the figure that
represent the following:
a. Consumer surplus in the market equilibrium:
b. Producer surplus in the market equilibrium:
c. Total surplus in the market equilibrium:
d. Consumer surplus when the price is $6:
e. Producer surplus when the price is $6:
f. Total surplus when the price is $6:
g. Consumer surplus when the quantity is 60:
h. Producer surplus when the quantity is 60:
i. Total surplus when the quantity is 60:
Consumer and producer surplus
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18 A
18-
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B
10-
D
6
Price
4-
EL
F
-
CE
Supply
Demand
0 20 40
60 80 100 120 140 160 180
Quantity
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Chapter 7 Solutions
Microeconomics
Ch. 7.1 - Prob. 1QCh. 7.1 - Prob. 2QCh. 7.1 - Prob. 3QCh. 7.1 - Prob. 4QCh. 7.1 - Prob. 5QCh. 7.1 - Prob. 6QCh. 7.1 - Prob. 7QCh. 7.1 - Prob. 8QCh. 7.1 - Prob. 9QCh. 7.1 - Prob. 10Q
Ch. 7 - Prob. 1QECh. 7 - Prob. 2QECh. 7 - How is elasticity related to the revenue from a...Ch. 7 - Prob. 4QECh. 7 - Prob. 5QECh. 7 - Prob. 6QECh. 7 - Prob. 7QECh. 7 - Prob. 8QECh. 7 - Prob. 9QECh. 7 - Prob. 10QECh. 7 - Prob. 11QECh. 7 - Prob. 12QECh. 7 - Prob. 13QECh. 7 - Prob. 14QECh. 7 - Prob. 15QECh. 7 - Prob. 16QECh. 7 - Prob. 17QECh. 7 - Prob. 18QECh. 7 - Prob. 19QECh. 7 - Prob. 20QECh. 7 - Prob. 21QECh. 7 - Prob. 22QECh. 7 - Prob. 1QAPCh. 7 - Prob. 2QAPCh. 7 - Prob. 3QAPCh. 7 - Prob. 4QAPCh. 7 - Prob. 5QAPCh. 7 - Prob. 1IPCh. 7 - Prob. 2IPCh. 7 - Prob. 3IPCh. 7 - Prob. 4IPCh. 7 - Prob. 5IPCh. 7 - Prob. 6IP
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