Pretend that a minimum price = $22 is imposed. This will reduce the quantity demanded to 40 units. At the imposed price of $22, what will be consumer surplus? $6 $80 $240 $480

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter20: The Problem Of Adverse Selection Moral Hazard
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Pretend that a minimum price = $22 is imposed. This will reduce the quantity demanded to 40 units. At the imposed price of $22, what will be consumer surplus? $6 $80 $240 $480
Price
$28
26
24
22
20
1.8
16
1.4
12
10
8
to
6
4.
2
C
E
រ
1
1
S
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150
Quantity
Transcribed Image Text:Price $28 26 24 22 20 1.8 16 1.4 12 10 8 to 6 4. 2 C E រ 1 1 S 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Quantity
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