At 10 million hours, what areas make up the total economic surplus in this market? Consider the national market for in-home child care in the accompanying graph.Rate($ per hour)$20$16$15$14$10SupplyDemand81012Quantity(millions of hours)This is the same graph but each distinct area gets is labeled with a letter.Rate($ per hour)$20A$16BGK$15HсIM$14D$10ESupplyDemand81012Quantity(millions of hours)

It occurs when the quantity(Q) demanded by consumers equals the quantity(Q) supplied by producers at…

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At 10 million hours, what areas make up the total economic surplus in this market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

At 10 million hours, what areas make up the total economic surplus in this market?

Consider the national market for in-home child care in the accompanying graph.
Rate
($ per hour)
$20
$16
$15
$14
$10
Supply
Demand
8
10
12
Quantity
(millions of hours)
This is the same graph but each distinct area gets is labeled with a letter.
Rate
($ per hour)
$20
A
$16
B
GK
$15
H
с
IM
$14
D
$10
E
Supply
Demand
8
10
12
Quantity
(millions of hours)

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