Question
According to the following Figure, please answer a-f: According to this graph, how much is the consumer surplus when price is set at equilibrium (P
According to the following Figure, please answer a-f:
According to this graph, how much is the consumer surplus when price is set at equilibrium (P = $8)? (use the area of triangle: Base x Height x )
According to this graph, how much is the producer surplus when price is equal to its equilibrium level (P=$8)? (use the area of triangle: Base x Height x )
In the graph, how much is deadweight loss at a price of P =$8 (equilibrium)?
Now, according to this graph, how much is the consumer surplus when price is set above the equilibrium level at P=$12 (use the area of triangle: Base x Height x )
According to this graph, how much is the producer surplus when price is equal at P= $12? (Use the area of a triangle and the area of a rectangle, length x length)
In the graph, how much is deadweight loss at a price of $12? (use the area of a triangle)
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