In the market of Coke, supposed that its market-equilibrium price per can is $1.00 with 10,000 cans purchased (equilibrium), while the highest price a consumer is willing to pay is $3.00 per can. The coke producer's cost of production (selling) is $0.50 per can (at the equilibrium). Under the regular demand and supply curves, the total surplus in the Coke market is ?

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Okay lets break this down stepbystep Market equilibrium price is 1 per can Equilibrium quantity is 1... View the full answer