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i need help someone explain these notes 1. If the Smith family would be willing to sell their houses for $185,000, but they in fact
i need help someone explain these notes
1. If the Smith family would be willing to sell their houses for $185,000, but they in fact sell it for $210,000 they would receive producer surplus in the amount of $25000. Price 10 Supply 7.5 254 Quantity 2. Based on the above diagram, consumer surplus equals $1000 when the market is in equilibrium. 3. Based on the above diagram, producer surplus equals $1000 when the market is in equilibrium. 4. Based on the above diagram, if consumers had to pay $7.50 per unit for this product instead of $5.00 per unit the consumer surplus would fall from: $1000 to $250. 5. Based on the above diagram, if the price of the product fell from $5.00 to $2.50 the producer surplus would fall from: $1000 to $500Step by Step Solution
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