Consider the following demand and supply function of product ZT: Qd = 25 - 1.25 P Qs = -9 + 3 P Note: Determine the equilibrium point first to answer the following question.   5. How much is the total surplus, with out sales tax? Use a number, 2 decimal values, no commas, no space, no signs. *   6. How much is the consumer surplus, with out sales tax? Use a number, 2 decimal values, no commas, no space, no signs. *

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter6: Demand And Elasticity
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Consider the following demand and supply function of product ZT:

Qd = 25 - 1.25 P Qs = -9 + 3 P

Note: Determine the equilibrium point first to answer the following question.

 

5. How much is the total surplus, with out sales tax? Use a number, 2 decimal values, no commas, no space, no signs. *

 

6. How much is the consumer surplus, with out sales tax? Use a number, 2 decimal values, no commas, no space, no signs. *

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