Micro-Economics Homework XXXXXXXXXXWeek 6 Homework XXXXXXXXXXECO 105 XXXXXXXXXXDue date: 5/7/2021 1) In the following market, a) Calculate consumer surplus and producer surplus at the equilibrium. b)...

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Micro-Economics Homework

XXXXXXXXXXWeek 6 Homework XXXXXXXXXXECO 105 XXXXXXXXXXDue date: 5/7/2021
1) In the following market,
a) Calculate consumer surplus and producer surplus at the equilibrium.
b) Calculate the consumer surplus if the price increases to $18
c) When the price increases to $18, what part of the fall in consumer surplus is due to
i) Some consumers leave the market.
ii) The remaining consumers buy the product at a higher price.
Answered Same DayMay 07, 2021

Solution

Komalavalli answered on May 07 2021
23 Votes

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