Suppose there is a downward sloping demand curve that has a y-intercept of 60 and anupward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium Priceis 38 and Quantity is 48 what would be the size of the overall total surplus (consumersurplus plus producer surplus) for this market? (Please answer to 2 decimal places asneeded)Your Answer:42Answer

In a free economy, equilibrium can be attained by the intersection of the demand curve and the…

puppose there is a downward sloping demand curve that has a y-intercept of 60 and an upward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium P is 38 and Quantity is 48 what would be the size of the overall total surplus (consumer surplus plus producer surplus) for this market? (Please answer to 2 decimal places as needed) Your Answer: 42

puppose there is a downward sloping demand curve that has a y-intercept of 60 and an upward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium P is 38 and Quantity is 48 what would be the size of the overall total surplus (consumer surplus plus producer surplus) for this market? (Please answer to 2 decimal places as needed) Your Answer: 42

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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