What is elasticity of demand for hamburgers at equilibrium

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Q. Show consumer surplus and producer surplus in this case. Be sure to separate consumer surplus of lottery winners from that of concert goers. Compare this to consumer and producer surplus when tickets are sold on a first come, first served basis. Who gains and who loses? Is re a deadweight loss? C. Briefly discuss how your answer to part (b) would change if resale were prevented. 3. Let supply curve for Tony Lama genuine sting-ray skin cowboy boots be given by following equation: Qs= 4p and demand curve be given by: Qd= 6000-2p. A. What is equilibrium price and quantity? B. What is elasticity of demand for hamburgers at equilibrium? (Your answer should be a number.) C. What are consumer surplus and producer surplus at equilibrium?

Reference no: EM1369361

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