Determine the equilibrium price and quantity , Microeconomics

The Market for Pool Rafts

The market for pool rafts in Playa del Largarto is competitive and includes no transaction costs.  Five suppliers are willing to sell pool rafts in Playa del Largarto at the following prices: $32, $28, $20, $13, and $10.  Five buyers are willing to buy pool rafts at the following prices: $10, $12, $20, $28, and $32. 

a) Illustrate the supply and demand for pool rafts in Playa del Largarto of using a graph. 

b) What is the equilibrium price and quantity in this market?

c) What is the consumer surplus in this market?

d) What is the producer surplus in this market?

Posted Date: 3/8/2013 1:33:08 AM | Location : United States







Related Discussions:- Determine the equilibrium price and quantity , Assignment Help, Ask Question on Determine the equilibrium price and quantity , Get Answer, Expert's Help, Determine the equilibrium price and quantity Discussions

Write discussion on Determine the equilibrium price and quantity
Your posts are moderated
Related Questions
if australian governmrnt imposed a sales tax on petrol by $0.25, then the price of petrol will rise by 0.25. consumers can not get by without petrol, so they have to pay the whole

How might an accurate value for the multiplier aid a government in setting fiscal policy? Any given multiplier will enhance national income at a given rate times enhance in gov

why can methane not be prepared by this reaction

Employee Communication More widely called internal communications, employee communication is must in retaining a happy and productive workforce. Internal communications to e

Explain about the integrability problem. The Integrability Problem: Provide a system of demand functions x(p, m). Is there essentially a utility function by which such deman

Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst

In a competitive market, the market demand is Qd = 150 - 5P and the market supply is Qs = 5P - 10. As a result of a price ceiling imposed at $14, the new consumer surplus and produ


is it just assumed that a monopoly graph is showing economic profit instead of accounting profit

You are tasked with evaluating a project for reducing nutrient (nitrogen and phosphorus) loading into the Gulf of Mexico (GOM). These nutrients make their way into the GOM by way o