Question: I need help as soon as possible please .. for part A, I got $8 and 440. Is that correct? If so, I only need

I need help as soon as possible please ..

for part A, I got $8 and 440. Is that correct? If so, I only need help with part b

I need help as soon as possible please .. for part A,

5.- (25 points) The following tables represent the individual demand functions for some good for the three only consumers, and the marginal cost functions of the only two, competitive rms that produce that good. a) Obtain the equilibrium price and output in this market. Compute prots and consumer surplus. b) The government puts to a vote the proposal of setting a maximum price of 7 for this good. (Only people, that is, consumers, vote.) Will the proposal pass? (Assume that, in case that demand exceeds supply, the units are obtained in order of willingness to pay. That is, they are allocating following the willingness to pay from highest to lowest.) Explain your answer carefully. An only yes or no answer is as good as no answer. GALLONS ANNE BOB CARLISLE GALLONS FIRM 1 FIRM 2 1 $15 $11 $18 W 2 $12 $10.5 $13 2 $4 $3 3 $11 $8 $11 3 $5 $5 4 $5 $6 $10 4 $5 $6 5 5 $4 $5 $9.5 5 $7 5 $7.5 6 $2 $4 $5 6 $8 $9 7 $9 $10

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!