What is the total purchase of tennis racquets

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Reference no: EM13749201

4. Let the market for Tennis racquets be:

Quantity demanded & market price quantity supplied & market price

0 100 0 40

25 80 15 50

40 50 25 80

What is the total purchase of tennis racquets? Why?
- What is the consumer surplus? Why?
- What is the increase in consumer surplus when the market price drops to $ 50?
- What is the increase in producer surplus when the market jumps to 80?
- Deduce and explain the total surplus

Reference no: EM13749201

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