In the farmers’ apple market, there are 20 buyers and 20 sellers. Buyers can buy one...
In the farmers’ apple market, there are 20 buyers and 20 sellers. Buyers can buy one bushel of apples
at most and sellers can sell one bushel at most. Ten of the buyers have Buyer Value of $30, and ten
have Buyer Value of $20. Fifteen of the sellers have Seller Cost of $10, and five have Seller Cost of $40.
In a competitive equilibrium, how many buyers with Buyer Value of $20 purchase apples?
(a) 15
(b) 10
(c) 7
(d) 5
(e) 3
(continued from previous question) Assuming market efficiency, what is the maximum total surplus?
(a) 100
(b) 250
(c) 150
(d) 300
(e) 400
PLEASE SHOW ALL WORK TO HOW YOU GOT THE ANSWER
Homework Answers
1.
As buyers have a maximum value of one bushel of apple for 30, So 5 suppliers with the cost of 30 won't be able to sell. So only 15 bushels would be sold
Option a is correct
2.
Total surplus = 10 * (30 - 10) + 5*(20-10)
= 10 * 20 + 5 * 10
= 250
option b is correct
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