Question
Refer to the table. If the price in the market was $16, there would be a...
Refer to the table. If the price in the market was $16, there would be a choose your answer of type your answer... units. Additionally. If the supply curve for the product shifted to the right such that 10 more units of the good are supplied at every price, the new equilibrium price is type your answer dollars The market pictured above is currently trading at the equilibrium price and quantity. The consumer surplus in this market is
Answers
Answer) At $16 price level, there would be a surplus of 10 units as the quantity supplied is more than the quantity demanded.
If the supply curve shifts to the right, every quantity increases by 10 units. The new Equilibrium price would be $12.
Consumer surplus = 0.5x 4x (4-2)= 4 square units.
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