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Question: question 1welfare economics answer the following questions based on the...

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Question 1-Welfare economics: Answer the following questions based on the graph that represents J.R.s demand for ribs per week at Judys Rib Shack. a. At the equilibrium price, how many ribs would J.R. be willing to purchase? b. How much is J.R. willing to pay for 20 ribs? c. What is the magnitude of J.R.s consumer surplus at the equilibrium price? d. At the equilibrium price, how many ribs would Judy be willing to sell? e. How high must the price of ribs be for Judy to supply 20 ribs to the market? f. At the equilibrium price, what is the magnitude of total surplus in the market? g. If the price of ribs rose to S10, what would happen to J.R.s consumer surplus? h. If the price of ribs fell to S5, what would happen to Judys producer surplus? i. Explain why the graph that is shown verifies the fact that the market equilibrium (quantity) maximizes the sum of producer and consumer surplus TPrice 20 18 T 16 T Suppl 12 Demand 10 30 50 60 70 0 Quaxir

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