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Answer the following Problems. 1. Problem # 1 Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answer
Answer the following Problems.
1. Problem # 1
Figure 1
Using Figure-1, find the value of Consumer Surplus and show how you got your answers:
- When the price is $150. (2Marks)
- When the price is $100. (2 Marks)
- What happened to CS as a result of the price change? (1 Mark)
2. Problem # 2
Figure-2, at equilibrium, calculate:
Given
- Producer Surplus. (1 Mark)
- Consumer Surplus. (1 Mark)
- Total Surplus. (1 Mark)
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