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17 Nov 2021
Considering the demand and supply side of this pizza market, calculate the market quantity demanded and quantity supplied at the market prices of 100/-, 300/- and 500/- taka. Which of these prices brings supply and demand into equilibrium?
What are entire consumer surplus & producer surplus, and total surplus in this equilibrium?
Considering the demand and supply side of this pizza market, calculate the market quantity demanded and quantity supplied at the market prices of 100/-, 300/- and 500/- taka. Which of these prices brings supply and demand into equilibrium?
What are entire consumer surplus & producer surplus, and total surplus in this equilibrium?
1
answer
1
watching
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18 Nov 2021
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Related questions
Price |
Quantity Demanded |
Quantity Supplied |
0.00 |
1350 |
0 |
5.00 |
1200 |
300 |
10.00 |
1050 |
600 |
15.00 |
900 |
900 |
20.00 |
750 |
1200 |
25.00 |
600 |
1500 |
30.00 |
450 |
1800 |
35.00 |
300 |
2100 |
a) The table shows the demand and supply schedules for tuna sashimi (sushi). Plot both Demand and Supply on a piece of paper and attach it as a photo to this document. Label everything that’s relevant and find the equilibrium price and quantity.
b) Calculate the consumer surplus, producer surplus, and total surplus at the market equilibrium.
c) Now suppose the mayor of Vancouver (who loves sushi) thinks the equilibrium market price of tuna sashimi is too high. Briefly describe how the mayor can use price controls to change the price so he is happy. Show this in the graph in part (a).