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Demand and Supply". Use the linear demand and supply curves shown in the figure to answer the following questions:

a.The economic value of the 10,000th unit is $_______, and the minimum price producers will accept to produce this unit is $ ________.

b. When 4,500 units are produced and consumed, total consumer surplus is $ ________, and total producer surplus is $ _________. Show your work/ calculations.

c. The net gain to society when 4,500 units are produced and consumed at the market price is $ __________, which is called ____________________________.

d. In market equilibrium, total consumer surplus is $ _________________, and the total producer surplus is $ ___________________. Show your work/ calculations.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91370891

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