Posted by **keith** on Sunday, November 27, 2011 at 10:40pm.

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.

- Microeconomics -
**Anonymous**, Saturday, October 25, 2014 at 3:34pm
40

## Answer This Question

## Related Questions

- Physiology - Please check answers, and correct if it is wrong! 1) How many ...
- Spanish - Which of the following cuts of meat can be typically found at un asado...
- Science!! - Hi!! Why don't frogs have ribs? Please Help!! Thank You!! Bye!!
- science - What part of the vertebrae provides an articulation point for the ...
- economics - 1. Suppose that the market of laptops is given by following supply ...
- calculus - (1 pt) A new software company wants to start selling DVDs with their ...
- calculus - (1 pt) A new software company wants to start selling DVDs with their ...
- math - A new software company wants to start selling DVDs with their product. ...
- math - A new software company wants to start selling DVDs with their product. ...
- math - A new software company wants to start selling DVDs with their product. ...

More Related Questions