From the given graph, compute the following: a. The market or equilibrium price is $????__________. b. The
Question:
From the given graph, compute the following:
a. The market or equilibrium price is $????__________.
b. The economic value of the 10,000th unit is $__________, and the minimum price producers will accept to produce this unit is $__________.
c. When 10,000 units are produced and consumed, total consumer surplus is $__________, and total producer surplus is $__________.
d. At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________.
e. At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.
f. The net gain to society when 10,000 units are produced and consumed at the market price is $__________, which is called __________.
g. In market equilibrium, total consumer surplus is $__________, and the total producer surplus is $__________.
h. The net gain to society created by this market is $__________.