Question: Answer the following Problems. 1. Problem # 1 Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answer

Answer the following Problems.

1. Problem # 1

Figure 1

Using Figure-1, find the value of Consumer Surplus and show how you got your answers:

When the price is $150. (2Marks)

When the price is $100. (2 Marks)

What happened to CS as a result of the price change? (1 Mark)

2. Problem # 2

Figure-2, at equilibrium, calculate:

Given

Producer Surplus. (1 Mark)

Consumer Surplus. (1 Mark)

Total Surplus. (1 Mark)

Answer the following Problems. 1. Problem # 1 Figure 1 Using Figure-1,

L Problemi Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answers: A) When the price is $150 (2Marks) B) When the price is $100 (2 Marks) C) What happened to CS as a result of the price change? (I Mark) 2. Problem 2 Figure-2, ar equilibrium, calculate: Giver Producer Surplus. (1 Mark) by Consumer Surplus. (1 Mark) Total Surplus. (1 Mark) L Problemi Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answers: A) When the price is $150 (2Marks) B) When the price is $100 (2 Marks) C) What happened to CS as a result of the price change? (I Mark) 2. Problem 2 Figure-2, ar equilibrium, calculate: Giver Producer Surplus. (1 Mark) by Consumer Surplus. (1 Mark) Total Surplus. (1 Mark) L Problemi Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answers: A) When the price is $150 (2Marks) B) When the price is $100 (2 Marks) C) What happened to CS as a result of the price change? (I Mark) 2. Problem 2 Figure-2, ar equilibrium, calculate: Giver Producer Surplus. (1 Mark) by Consumer Surplus. (1 Mark) Total Surplus. (1 Mark) L Problemi Figure 1 Using Figure-1, find the value of Consumer Surplus and show how you got your answers: A) When the price is $150 (2Marks) B) When the price is $100 (2 Marks) C) What happened to CS as a result of the price change? (I Mark) 2. Problem 2 Figure-2, ar equilibrium, calculate: Giver Producer Surplus. (1 Mark) by Consumer Surplus. (1 Mark) Total Surplus. (1 Mark)

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