4682800011 a. Graph demand and supply. b. What is the equilibrium price and quantity? PE = QE = Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid above.

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16) The market for two-bedroom apartments in a city has the onowing supply and acmand schedules:
Price
200
400
600
800
1000
1200
1400
1600
1800
QD
(thousands)
360
315
270
225
180
135
90
45
0
Qs
(thousands)
0
45
90
135
180
225
270
315
360
2000
1800
1600
1400
1200
1000
800
600
400
200
0
O
30 60 90 120 150 180 210 240 270 300 330 360
Ca
a. Graph demand and supply.
b. What is the equilibrium price and quantity? PE =
460 270000
QE =
Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid
above.
036
Transcribed Image Text:16) The market for two-bedroom apartments in a city has the onowing supply and acmand schedules: Price 200 400 600 800 1000 1200 1400 1600 1800 QD (thousands) 360 315 270 225 180 135 90 45 0 Qs (thousands) 0 45 90 135 180 225 270 315 360 2000 1800 1600 1400 1200 1000 800 600 400 200 0 O 30 60 90 120 150 180 210 240 270 300 330 360 Ca a. Graph demand and supply. b. What is the equilibrium price and quantity? PE = 460 270000 QE = Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid above. 036
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