The table shows the demand and supply schedules for tacos. What is the equilibrium price, and the consumer surplus and the producer surplus on tacos? What is the efficient quantity of tacos? The equilibrium price of a taco is $ The consumer surplus on tacos is $ The producer surplus on tacos is $ and the efficient quantity of tacos is Price (dollars per taco) 0 1.00 2.00 3.00 4.00 Quantity demanded Quantity supplied (tacos per hour) 160 120 80 40 0 0 40 80 120 160

The table shows the demand and supply schedules for tacos. What is the equilibrium price, and the consumer surplus and the producer surplus on tacos? What is the efficient quantity of tacos? The equilibrium price of a taco is $ The consumer surplus on tacos is $ The producer surplus on tacos is $ and the efficient quantity of tacos is Price (dollars per taco) 0 1.00 2.00 3.00 4.00 Quantity demanded Quantity supplied (tacos per hour) 160 120 80 40 0 0 40 80 120 160

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section7.1: Consumer Surplus

Problem 1QQ

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