The following table shows the quantities of bottled water demanded and supplied per week at different prices
Question:
The following table shows the quantities of bottled water demanded and supplied per week at different prices in a particular city:
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a. Draw the supply and demand curves for this market, and identify the equilibrium price and quantity.
b. Identify on your graph areas for market consumer surplus and market producer surplus when the market is in equilibrium.
c. Using your graph, calculate the dollar value of market consumer surplus, market producer surplus, and the total net benefits in the market atequilibrium.
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Step by Step Answer:
a The market equilibrium price is 130 and equilibrium quantity is 4000 b See graph in part a c ...View the full answer
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Related Book For 
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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