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 $__________.

Transcribed Image Text:

Price (dollars) 60 52.50 50 42.50 40 37.50 30 20 15 10 0 I 10,000 15,000 S 20,000 30,000 40,000 Quantity demanded and supplied D 50,000 60,000 Price (dollars) 60 52.50 50 42.50 40 37.50 30 20 15 10 0 I 10,000 15,000 S 20,000 30,000 40,000 Quantity demanded and supplied D 50,000 60,000

Answer rating: 100% (QA)

a The market or equilibrium price is 3750 b The economic value of the 10000th unit is 4250 and t... View the full answer