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  3. the following table gives the supply and demand schedules for...

Question: the following table gives the supply and demand schedules for...

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The following table gives the supply and demand schedules for eight firms and eight consumers, each of whom has one unit of this good to sell or wishes to purchase one unit. FirmWillingness to Sel1 ConsumerWillingness to Pay $5 $10 $15 $20 $25 $28 $29 $30 $50 $40 $35 $30 $25 $22 $20 $19 4 7 The equilibrium price in this market is $ At that price,units of the good will be bought and sold Total producer surplus will be Total consumer surplus will be Total surplus in the market will beThe graph below shows the market for hardcover novels. The equilibrium price of novels is $22. Instructions: Round your answers to the nearest whole number. a. Draw the deadweight loss if there is a minimum price of $28. The deadweight loss is million Instructions: Use the tool provided to draw deadweight loss (DWL) Hardcover Novels Price of Novels 40 36 32 28 24 20 16 F 12 Tools DWL 4 10 20 30 40 50 60 70 80 90 100b. Draw the deadweight loss if there is a maximum price of $12. The deadweight loss is million. Instructions: Use the tools provided to draw deadweight loss (DWL) Hardcover Novels Price of Novels Tools 40 36 32 28 F 24 F 20 16 F 12 DWL 4 10 20 30 40 50 60 70 80 90 100 Novels (millions)

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