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?

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter14: Environmental Economics
Section: Chapter Questions
Problem 14SQP
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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?

1Price
20
18
16 +
14 +
Supply
12
10
Demand
10 20 30 40 50 60 70 80 Buaxtity
00
ont
2.
Transcribed Image Text:1Price 20 18 16 + 14 + Supply 12 10 Demand 10 20 30 40 50 60 70 80 Buaxtity 00 ont 2.
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