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Consider the following demand and supply configuration where demand and supply at each price is total demand/supply at those prices. Demand Supply Price Quantity Price
Consider the following demand and supply configuration where demand and supply at each price is total demand/supply at those prices.
Demand | Supply | ||
Price | Quantity | Price | Quantity |
11 | 1 | 1 | 2 |
10 | 2 | 2 | 3 |
8 | 4 | 3 | 5 |
7 | 5 | 4 | 6 |
6 | 6 | 5 | 8 |
5 | 8 | 7 | 10 |
4 | 9 | 10 | 11 |
2 | 10 |
Determine the competitive equilibrium price and quantity Price ____________ Quantity ________________
At the competitive equilibrium: Consumer surplus is ___________. Producer surplus is _________________
If producers in this market were consolidated into a single firm then the monopoly price would be _______and quantity would be___________. Economic efficiency would be ___________.
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