Determine the equilibrium price and quantity , Microeconomics

Assignment Help:

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?


Related Discussions:- Determine the equilibrium price and quantity

Structure of national income, STRUCTURE OF NATIONAL INCOME: The struct...

STRUCTURE OF NATIONAL INCOME: The structure or composition of national income of an economy explains the relative significance of the different producing sectors in an economy

Perfect competition, Perfect Competition It's a market where conditions...

Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke

Rational self-interest, Discuss the impact of rational self-interest on eac...

Discuss the impact of rational self-interest on each of the following decisions

Detergent Cartel problem, 2) Proctor & Gamble (P&G) and the Lever Co. decid...

2) Proctor & Gamble (P&G) and the Lever Co. decide to form a laundry detergent cartel for future sales in Europe. Lever is more efficient than P&G. a)illustrate graphically how the

Diseconomies of scale, Diseconomies of Scale A rises in a firm's cost ...

Diseconomies of Scale A rises in a firm's cost of producing an additional unit as all another factors of production rising. Diseconomies of scale can be caused by poor and ine

Statistics, please can you explainn what "down 0.1 percentage point on the ...

please can you explainn what "down 0.1 percentage point on the quarter means"?

Consumer surplus, Two consumers John and grayson like to transfer songs to ...

Two consumers John and grayson like to transfer songs to their phones from jose phone the table represents their willingness to pay and jose willingness to accept for each download

The economy is in the steady state, Assume in the Solow growth model that s...

Assume in the Solow growth model that s=.25, n=.02, d=.08, and f(k)=k^3. A)    Assume that z=2.  What is the steady state level of capital per worker and consumption per worker?

Arbitration, Arbitration The use of a third party to describe between ...

Arbitration The use of a third party to describe between two sides dead locked in a negotiation. The arbitrator's decision can be binding or not binding, as before agreed upon

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd