Answers

https://moodle.columbiacollege.bc.ca/mod/quiz/attempt.php?attempt=191308&cmid=145755& P 20 E 10 D Q 28 Use the above diagram to answer the following questions (28 marks) (a). Calculate the total WTP/value/benefit for consumers at the equilibrium. Interpret your calculation. (4 ma (b) Calculate the total expenditure for consumers at the equilibrium. Interpret your calculation. (4 marks) (c). Calculate the CS at the equilibrium. Interpret your calculation. (4 marks) (d). Calculate total revenue for sellers at the equilibrium Interpret your calculation. (4 marks) (e). Calculate total cost for sellers at the equilibrium Interpret your calculation. (4 marks) (f). Calculate the PS at the equilibrium. Interpret your calculation. (4 marks) (g). Calculate the total surplus at the equilibrium. Interpret your calculation. (4 marks)