ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Consider a competitive market as depicted in the figure below. Suppose the market exchanges the good or service at price P2 [ignore for now why this might happen - see later lectures]. Now fill in the blanks. [Please TYPE your answer using CAPITAL letters and in ALPHABETICAL order: for example, type GHIJ to depict the sum of areas G, H, I and J (thus not HIJG or JIHG or G+H+1+J or other). Any notation deviating from this will not earn marks.] Price P₁ P₂ P3 P4 A B C с D E F H I G M J P L N At price P2, the quantity traded is 0 KQ Q₁ Q₂ Q3 U R S T Supply Demand Q4 Quantity , the consumer surplus is area Maximum total surplus in this market is generated at Q- and is captured in area and the producer surplus is area
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Transcribed Image Text:Consider a competitive market as depicted in the figure below. Suppose the market exchanges the good or service at price P2 [ignore for now why this might happen - see later lectures]. Now fill in the blanks. [Please TYPE your answer using CAPITAL letters and in ALPHABETICAL order: for example, type GHIJ to depict the sum of areas G, H, I and J (thus not HIJG or JIHG or G+H+1+J or other). Any notation deviating from this will not earn marks.] Price P₁ P₂ P3 P4 A B C с D E F H I G M J P L N At price P2, the quantity traded is 0 KQ Q₁ Q₂ Q3 U R S T Supply Demand Q4 Quantity , the consumer surplus is area Maximum total surplus in this market is generated at Q- and is captured in area and the producer surplus is area
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