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Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g is $31 per bag. Apply the formula for the area of a triangle (Area = ½ × Base × Height) to answer the following problems. LO2 a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M970215

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