Microeconomics

posted by .

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 -

    40

  • Microeconomics -

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Physiology

    Please check answers, and correct if it is wrong! 1) How many bones are there in the adult spinal column?
  2. science

    What part of the vertebrae provides an articulation point for the ribs?
  3. Science!!

    Hi!! Why don't frogs have ribs? Please Help!! Thank You!! Bye!!
  4. math

    A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 20 dollars, the company sells 139 units per week. When the price is 34 dollars, the number of DVDs sold decreases …
  5. math

    A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 20 dollars, the company sells 139 units per week. When the price is 34 dollars, the number of DVDs sold decreases …
  6. math

    A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 20 dollars, the company sells 139 units per week. When the price is 34 dollars, the number of DVDs sold decreases …
  7. calculus

    (1 pt) A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 15 dollars, the company sells 132 units per week. When the price is 27 dollars, the number of DVDs sold …
  8. calculus

    (1 pt) A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 15 dollars, the company sells 132 units per week. When the price is 27 dollars, the number of DVDs sold …
  9. economics

    1. Suppose that the market of laptops is given by following supply and demand curves given below: Qd = 5000 − 3p Qs = 1000 + p. Answer the following questions on excel sheet using the above demand and supply equations. i) Take …
  10. Spanish

    Which of the following cuts of meat can be typically found at un asado but not at a barbecue?

More Similar Questions