Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Helen Kebede Helen Kebede
wrote...
Go to Answer
Posts: 111
Rep: 2 0
A year ago

The diagram below shows the market for some agricultural product, X.

Short description: A graph plots the quantity of X against the price of X. Long description: The horizontal axis representing the quantity of X in units per week ranges from 300 to 1800, in increments of 300. The vertical axis representing the price of X in dollars ranges from 1.00 to 6.00, in increments of 1.00. The graph plots two lines. A decreasing line representing D passes through the following points: (300, 5.00), (600, 4.00), (900, 3.00), (1200, 2.00), and (1500, 1.00). An increasing line representing S passes through the following points: (300, 1.00), (600, 2.00), (900, 3.00), (1200, 4.00), and (1500, 5.00). The two lines intersect at (900, 3.00).  Note: All values are approximate.

FIGURE 5-8

Refer to Figure 5-8. Assume the market for product X is at its free-market equilibrium. What is the weekly amount of economic surplus in this market?



▸ $900

▸ $1800

▸ $450

▸ $2700

▸ $5400
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 34 times
1 Reply
Replies
Answer verified by a subject expert
Moh1995abdelMoh1995abdel
wrote...
#1
Posts: 170
Rep: 1 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Helen Kebede Author
wrote...

A year ago
this is exactly what I needed
Morgan-C
wrote...

Yesterday
Thanks
Ctownsend
wrote...

2 hours ago
Good timing, thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1261 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 68
  
 141
  
 342
Your Opinion
Where do you get your textbooks?
Votes: 372
Previous poll results: Who will win the 2024 president election?