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 kparks Posts: 2, Reputation: 1 New Member #1 Feb 25, 2010, 12:35 PM
If price of ribs rose to \$10 what would happen to consumer surplus
http://img21.imageshack.us/img21/592... co2071w2a3.jpg

1.At the equilibrium price, how many ribs would J.R. be willing to purchase?

2.How much is J.R. willing to pay for 20 ribs?
10
3.What is the magnitude of J.R.'s consumer surplus at the equilibrium price?

4.At the equilibrium price, how many ribs would Judy be willing to sell?
40
5.How high must the price of ribs be for Judy to supply 20 ribs to the market?
4.5

6.At the equilibrium price, what is the magnitude of total surplus in the market?

7.If the price of ribs rose to \$10, what would happen to J.R.'s consumer surplus?
It would decrease

8.If the price of ribs fell to \$5, what would happen to Judy's producer surplus?
It would Decrease

9.Explain why the graph that is shown verifies the fact that the market equilibrium (quantity) maximizes the sum of producer and consumer surplus.
 kparks Posts: 2, Reputation: 1 New Member #2 Feb 25, 2010, 12:36 PM

http://img21.imageshack.us/img21/592...co2071w2a3.jpg

1.At the equilibrium price, how many ribs would J.R. be willing to purchase?

2.How much is J.R. willing to pay for 20 ribs?
10
3.What is the magnitude of J.R.'s consumer surplus at the equilibrium price?

4.At the equilibrium price, how many ribs would Judy be willing to sell?
40
5.How high must the price of ribs be for Judy to supply 20 ribs to the market?
4.5

6.At the equilibrium price, what is the magnitude of total surplus in the market?

7.If the price of ribs rose to \$10, what would happen to J.R.'s consumer surplus?
It would decrease

8.If the price of ribs fell to \$5, what would happen to Judy's producer surplus?
It would Decrease

9.Explain why the graph that is shown verifies the fact that the market equilibrium (quantity) maximizes the sum of producer and consumer surplus.
 miner68 Posts: 1, Reputation: 1 New Member #3 Sep 6, 2011, 07:38 PM
It would decrease

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