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sunnisam sunnisam
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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. Suppose the government has imposed a price floor at $4.00 per unit in this market. With this price floor in place, what is the weekly amount of economic surplus in this market?



▸ $2400

▸ $1200

▸ $300

▸ $600

▸ $150
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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kitty123kitty123
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A year ago
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sunnisam Author
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A year ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
SUmmerPeople
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Yesterday
Just got PERFECT on my quiz
apelton
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2 hours ago
Thanks for your help!!
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