QUESTION 43 Figure: Understanding Surplus and Efficiency 16- 14 12 10 8 D 6 4 2-...

Question

Question

business economics

Answer 1

Answer #1

Answer

the firm produces at Qd=Qs

Where

Q= 10 units

The consumer and producer surplus is the area between demand and supply curve left of the quantity

Total surplus =0.5*(Y axis intercept of the demand curve - y axis intercept of the supply curve)*Q

=0.5*(14-4)*10

=$50

The total surplus is $50 which is also called the sum of consumer and producer surplus.

Option 3

Answer 2

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