The table shows the demand and supply schedules for tacostacos. If the quantity demanded of tacos decreases by 400 per hour at each price, the new price of a taco is $2.00. Total surplus decreases by $_____?. Price (dollars per taco) Quantity demanded Quantity supplied (tacostacos per hour) 0 800 0 1.00 700 100 2.00 600 200 3.00 500 300 4.00 400 400 5.00 300 500 6.00 200 600 7.00 100 700 8.00 0 800
The table shows the demand and supply schedules for tacostacos. If the quantity demanded of tacos decreases by 400 per hour at each price, the new price of a taco is $2.00. Total surplus decreases by $_____?. Price (dollars per taco) Quantity demanded Quantity supplied (tacostacos per hour) 0 800 0 1.00 700 100 2.00 600 200 3.00 500 300 4.00 400 400 5.00 300 500 6.00 200 600 7.00 100 700 8.00 0 800
Chapter6: Elasticity
Section: Chapter Questions
Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...
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The table shows the demand and supply schedules for tacostacos. If the quantity demanded of tacos decreases by 400 per hour at each price, the new price of a taco is $2.00.
Total surplus decreases by $_____?.
Price (dollars per taco) |
Quantity demanded |
Quantity supplied |
(tacostacos per hour) |
||
0 |
800 |
0 |
1.00 |
700 |
100 |
2.00 |
600 |
200 |
3.00 |
500 |
300 |
4.00 |
400 |
400 |
5.00 |
300 |
500 |
6.00 |
200 |
600 |
7.00 |
100 |
700 |
8.00 |
0 |
800 |
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