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Curtis K
Curtis K, Engineer
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Assignment 2 Consumer Surplus and Producer Surplus Answer

Customer Question

Assignment 2: Consumer Surplus and Producer Surplus 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.
Submitted: 7 years ago.
Category: Homework
Expert:  Curtis K replied 7 years ago.
Hi, can you upload the graph?
Customer: replied 7 years ago.
I can't; I have tried everything I can think of to paste the graph into this area and can not. To decribe the graph: Price is on the x axis ranging 2-20; the y axis is quantity ranging from 10-80. supply and demand curve with equilibrium at 8 and 40. Other points are 10 &20; 4.5 & 20. Hope this helps some. Thanks
Customer: replied 7 years ago.

here is a link to the graphy for question you are working on:

http://img21.imageshack.us/img21/5928/suoeco2071w2a3.jpg

Expert:  Curtis K replied 7 years ago.
That's better. thanks.
Customer: replied 7 years ago.
glad that worked.
Expert:  Curtis K replied 7 years ago.

Hi there,

 

Please find the answer below:

http://www.mediafire.com/?amqitmfwmmz

 

I will remove the file after you accepted.

Customer: replied 7 years ago.

Like the answers and understand most of it, could you explain you reasons for f, g, and h

Thanks

Expert:  Curtis K replied 7 years ago.
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Customer: replied 7 years ago.
Thank you very much.
Expert:  Curtis K replied 7 years ago.
You are welcome.

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