If the per-unit price is $11, and 7 units are bought and sold, what is the total surplus (consumer surplus + producer surplus)? Give your answer to one decimal.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The inverse supply for a good is given by the function p = 4 + q. While the demand function isn't immediately known (though can be
derived), the picture below gives a graphical representation of demand.
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quantity
If the per-unit price is $11, and 7 units are bought and sold, what is the total surplus (consumer surplus + producer surplus)? Give your
answer to one decimal.
Transcribed Image Text:The inverse supply for a good is given by the function p = 4 + q. While the demand function isn't immediately known (though can be derived), the picture below gives a graphical representation of demand. P 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 quantity If the per-unit price is $11, and 7 units are bought and sold, what is the total surplus (consumer surplus + producer surplus)? Give your answer to one decimal.
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