The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?   Question 17 options:   $4.5 million   $9 million   $13.5 million   $27 million

equilibrium point

Assume that a price floor of $320 has been implemented and there are no wasteful quality improvements. What are the total gains from trade (total surplus) with a price floor of $320? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000 2,400

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Explanation it correctly

Suppose that you pay $4 for a delicious burrito. It was so good that you would have been willing to pay $10 for it. How much is your economic (consumer) surplus from this purchase?  Group of answer choices $10 $6 $14 $0 $4

If a price floor is set at $23 in the market shown in the graph, which area(s) would represent the surplus that is transferred from consumers to producers? P 30 23 16 8 A B E IC LL 20 D G 47 57 S D

We have three buyers who value a good at $45. There are three possible sellers A, B, C whose marginal costs of production are $20, $30 and $50.Assuming all benefits (and costs) accrue to the buyers (and sellers) what is total surplus created if the buyers and sellers interact in a market? Do not enter the $sign. Notice that you have enough information to only compute surplus for integer values of the good so I should not have to say–assume integer values for good–you should know it.