2. Refer to the diagram on the right. At theequilibrium price and quantity, there areboth consumer surplus and producer surplus.$5a. CONSUMER SURPLUS in thismarket is: $b. PRODUCER SURPLUS in this$1market is: $c. Total surplus in this market is:100QuantityPrice

Consumer surplus- Consumer surplus is a surplus which consumer earns due to difference between his…

Answered: CONSUMER SURPLUS in this market is: $…

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Economics

CONSUMER SURPLUS in this market is: $ PRODUCER SURPLUS in this market is: $ Total surplus in this market is:

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 3QR

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Question

2. Refer to the diagram on the right. At the
equilibrium price and quantity, there are
both consumer surplus and producer surplus.
$5
a. CONSUMER SURPLUS in this
market is: $
b. PRODUCER SURPLUS in this
$1
market is: $
c. Total surplus in this market is:
100
Quantity
Price

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