Answer the following questions based on the graph that represents J.R.'s demand for ribs per week of ribs at Judy's 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 $10, what would happen to J.R.'s consumer surplus?
h. If the price of ribs fell to $5, what would happen to Judy's 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.

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To answer these questions, I would need to see the graph representing J.R.'s demand for ribs per week at Judy's rib shack. Please provide the graph so I can assist you further.

To answer these questions, we will need to analyze the graph that represents J.R.'s demand for ribs at Judy's rib shack.

a. At the equilibrium price, J.R. would be willing to purchase the quantity of ribs where the demand curve intersects the price line. This is the point where the quantity demanded equals the quantity supplied. You can find this point by following the demand curve until it intersects the price line. In this case, you need to read the quantity value for J.R.'s demand at the equilibrium price.

b. To find out how much J.R. is willing to pay for 20 ribs, you can follow the demand curve until it intersects with a vertical line representing 20 ribs. Then, read the price value at that intersection point. This will give you the maximum price J.R. is willing to pay for 20 ribs.

c. To calculate J.R.'s consumer surplus at the equilibrium price, you need to find the area between the demand curve and the price line up to the quantity J.R. is willing to purchase. Calculate the area of the triangle or rectangle formed and that will give you the magnitude of J.R.'s consumer surplus.

d. At the equilibrium price, Judy would be willing to sell the quantity of ribs where the supply curve intersects the price line. This is the point where the quantity supplied equals the quantity demanded. You can find this point by following the supply curve until it intersects the price line. In this case, you need to read the quantity value for Judy's supply at the equilibrium price.

e. To find out the price of ribs that Judy must charge to supply 20 ribs, you can follow the supply curve until it intersects with a vertical line representing 20 ribs. Then, read the price value at that intersection point. This will give you the minimum price Judy must charge to supply 20 ribs.

f. To calculate the magnitude of total surplus at the equilibrium price, you need to find the difference between the consumer surplus and the producer surplus. Consumer surplus can be found by calculating the area between the demand curve and the price line up to the quantity J.R. is willing to purchase. Producer surplus can be found by calculating the area between the supply curve and the price line up to the quantity Judy is willing to sell. Subtract the producer surplus from the consumer surplus to get the total surplus.

g. If the price of ribs rose to $10, J.R.'s consumer surplus would decrease. To calculate the new consumer surplus, you would need to find the area between the demand curve and the new price line up to the quantity J.R. is willing to purchase at the new price.

h. If the price of ribs fell to $5, Judy's producer surplus would decrease. To calculate the new producer surplus, you would need to find the area between the supply curve and the new price line up to the quantity Judy is willing to sell at the new price.

i. The fact that the market equilibrium (quantity) maximizes the sum of producer and consumer surplus can be verified by observing the graph. At the equilibrium point, the quantity demanded equals the quantity supplied, which ensures the efficient allocation of resources. The consumer surplus represents the benefit that consumers receive by paying less than their maximum willingness to pay, while the producer surplus represents the benefit that producers receive by receiving more than their minimum acceptable price. The equilibrium price and quantity are the points that maximize the combined surplus of both consumers and producers in the market because any deviation from this point would result in a decrease in total surplus.

a 40

b 10
c 4
d 40
e 5
f 10
g 2
h 3
i