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Consider the market represented in the figure below. Price ($) 60 ] 55- 50 S 45- 10 $ S2 35 30 D 25 20 15
Consider the market represented in the figure below. Price ($) 60 ] 55- 50 S 45- 10 $ S2 35 30 D 25 20 15 10 5 0 0 F 10 20 30 40 50 60 70 80 90 100 Quantity 5 2 a. Calculate total surplus when supply is S1 b. Calculate total surplus when supply increases to S2
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