Use the market represented in Figure 5P-4 to draw the consumer and producer surplus when the market

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Use the market represented in Figure 5P-4 to draw the consumer and producer surplus when the market is in equilibrium. What is the value of total surplus at equilibrium?


Figure 5P-4:

Price ($) 50 45 40 35 30 25 20 15 10 D 5. 10 20 30 40 50 60 70 80 90 100 Quantity

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Microeconomics

ISBN: 978-1259813337

2nd edition

Authors: Dean S. Karlan, Jonathan J. Morduch

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