Assume integer quantities. Assume the following supply and demand schedules for aperfectly competitive market without externalities.1346MWTP$32.50$27.50$6$25.50$12$20.50$12.50$7.50$4.50MC$2$16$21$30$32What is total surplus in equilibrium?Round to two decimal places and do not include the currency symbol. If your answer is$1.125, enter 1.13.

Equilibrium is where marginal willingness to pay is equal to marginal cost.

Assume integer quantities. Assume the following supply and demand schedules for a perfectly competitive market without externalities. 3 $27.50 $6 4 6. MWTP $32.50 $25.50 $20.50 $12.50 $7.50 $4.50 MC $2 $12 $16 $21 $30 $32 What is total surplus in equilibrium? Round to two decimal places and do not include the currency symbol. If your answer is $1.125, enter 1.13.

Assume integer quantities. Assume the following supply and demand schedules for a perfectly competitive market without externalities. 3 $27.50 $6 4 6. MWTP $32.50 $25.50 $20.50 $12.50 $7.50 $4.50 MC $2 $12 $16 $21 $30 $32 What is total surplus in equilibrium? Round to two decimal places and do not include the currency symbol. If your answer is $1.125, enter 1.13.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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