Question

Demand curve- Price per unit-3,5,7,9,11etc

Quantity demand - 81 ,71,61,51,41etc

supply curve-Price per unit - 5,8,11,14,17etc

Quantity supplied - 7,16,25,34,43etc

*Use the above demand and supply curves .

What is the equilibrium price and quality ?

*Calculate the value to consumers at equilibrium ?

*Calculate the consumers surplus at equilibrium ?

*Calculate the cost at equilibrium ?

*Calculate the producer surplus at equilibrium ?

*Calculate the total gains from trade at equilibrium?

Answer 1

$Q_d=96-5P,$

$Q_s=-6.5+4.5P,$

$Q_d=Q_s,$

$P=10.8,$

$Q_d=Q_s=42.1.$