Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity. The total economic surplus is $ per day (Round your response to the nearest cent as needed.) Price ($) 38.00- 34.00 30.00- 26.00- 22.00 18.00- 14.00- 10.00- 6.00- 2:00- 16 24 32 40 Quantity (units per day) 48 S 56 oo

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Consider the market for some product X that is represented in the
accompanying demand-and-supply diagram.
a. Calculate the total economic surplus in this market at the free-market
equilibrium price and quantity,
The total economic surplus is $ per day.
(Round your response to the nearest cent as needed.)
Price ($)
38.00-
34.00
30.00
26.00+
22.00
18.00-
14.00-
10.00-
6.00-
2:00-
0
8
16
24 32 40
Quantity (units per day)
48
S
D
SOU
Transcribed Image Text:Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity, The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) Price ($) 38.00- 34.00 30.00 26.00+ 22.00 18.00- 14.00- 10.00- 6.00- 2:00- 0 8 16 24 32 40 Quantity (units per day) 48 S D SOU
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