Question
Asked Aug 2, 2019
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how do i arrange the the drawing of a demand and supply curve, where in supply, there are six suppliers with the cost 12, seven suppliers with the cost of 36, and seven suppliers with the cost of 48

then demand: there are 10 demanders with the cost of 50, and 10 demanders with the cost of 24?

stripe the area of consumer surplus, and identify the equilibrum price and quantity.

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Expert Answer

Step 1

Using the given information the supply and demand curve can be derived. At price $12, the number of suppliers in the market are 6. Increase in price from $12 to $36 increases the number of suppliers in the market (7). Therefore the suppliers in the market is 13 (6+7). Ultimately the cost is reaches to 48. This hike in price increases 7 more suppliers in the market. Thus, 20 (13+7) is the total suppliers in the market. Likewise...

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60 40 30 10 C 5 10 15 20 25 50 20

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