Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 5, Problem 8SPA
(a)
To determine
Identify the
(b)
To determine
Identify the
(c)
To determine
Identify the
(d)
To determine
Identify the total surplus.
(e)
To determine
Identify the efficiency in competitive market.
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Students have asked these similar questions
Answer the following questions based on the graph that represents Kyle's demand for ribs per week at Big Ed's Barbecue.
f.
If the price of ribs rose to $10, what would happen to Big Ed's producer surplus?
g.
What is the total surplus in this market at a price of $10?
h.
If the price of ribs fell to $5, what would be Kyle's consumer surplus?
j.
What is the total surplus in this market at a price of $5?
Using the graph,
When the market price is at equilibrium, find:
consumer surplus equals $..........?
producer surplus equals $.............?
And if price decreased to $15 and quantity dropped to 4,000, producer surplus would be $.........?
Please help!
Look at question 9 and use the info on chart to answer question 10 E on how did the price change the total surplus compared to free market equilibrium on question 9
Chapter 5 Solutions
Macroeconomics
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
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- Why is there no producer surplus in the diagram?arrow_forwardErnie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Bottle of water Cost Cost of 1st bottle $1 Cost of 2nd bottle $3 Cost of 3rd bottle $5 Cost of 4th bottle $7 If the price rises to $6, how does quantity supplied change? How does Ernie’s producer surplus change? Show these changes in your graph.arrow_forwardDraw a supply curve for turkey.In your diagram, show a price of turkey and the producer surplus at that price. explain in words what this producer surplus measures.arrow_forward
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