I need answer typing clear urjent i will give 5 upvotes no chatgpt 1. Consider the market for Pop Rocks depicted in the diagram below:Price(S/package)$1.00-0.10-0DCorrect!CS = $15,125; PS = $19,250CS= $20,250; PS = $20,250-MC100Quantity of Pop Rocks(thousands of packages)Calculate the consumer and producer surplus of this Pop Rock monopoly.CS= $12,500; PS = $20,000OCS $10,125; PS = $20,250Show Transcribed TextNeed correct answer please select andexplain

Consumer surplus refers to the area above the price and below the demand curve while supply curve…

1. Consider the market for Pop Rocks depicted in the diagram below: Price (S/package) $1.00- 0.10- 0 MC 100 Quantity of Pop Rocks (thousands of packages) Calculate the consumer and producer surplus of this Pop Rock monopoly. CS = $12,500; PS = $20,000 CS = $10,125; PS = $20,250 Correct! CS = $15,125; PS = $19,250 CS= $20,250; PS = $20,250

1. Consider the market for Pop Rocks depicted in the diagram below: Price (S/package) $1.00- 0.10- 0 MC 100 Quantity of Pop Rocks (thousands of packages) Calculate the consumer and producer surplus of this Pop Rock monopoly. CS = $12,500; PS = $20,000 CS = $10,125; PS = $20,250 Correct! CS = $15,125; PS = $19,250 CS= $20,250; PS = $20,250

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 5QR

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