Asked Aug 2, 2019

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.


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...


Image Transcriptionclose

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


Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.

Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: 5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production ...

A: STEP 1It is given that,MC cut ATC from below at 6 units of Bennie Weenie Dogs where its price is $14...


Q: **** I need help with question 4/5/6****   Nicholas Coffee roasts coffee the old-fashioned way (in g...

A: 4. Breakeven price can be calculated as follows:


Q: The per-unit cist of an item is its average total cost=(=total cost/quantity). Suppose that a new ce...

A: a.)Total cost:Total cost can be calculated as follows:


Q: What are the two major SOURCES of transaction costs?  (If these two things weren’t present, transact...

A: In economics, the transaction cost is the cost incurred while purchasing any commodity or service fr...


Q: 4.Distinguish between explicit and implicit costs, giving examples of each. What are some explicit a...

A: Explicit costs and implicit costs: Explicit cost refers that, a direct payment made by firm to other...


Q: Suppose that a worker in Caninia can produce either 2 blankets or 8 meals per day, and a worker in F...

A: To understand the decline in output, let us understand the backdrop of the situation before the war....


Q: If a trader wanted to exchange 50 Gulps for Flops, how many Flops would she get?

A: Here, the trader is exhanging one commodity for the other.


Q: Donna and Jim are two consumers purchasing strawberries and chocolate. Jim’s utility function is ?(?...

A: To get optimal bundle, one has to equate slope of indiffernce curve to slope of budget line.  


Q: The Federal Budget Ask FRED ALFRED I The accompanying graph contains data on U.S. federal government...

A: As can be seen from the graph, spending as a percent of GDP for year 2016 is 38%