9. The market for peanut butter is given by the following demand and supply curves: P=30-1/2 QD P=5+20¹ and a. Calculate the equilibrium price and quantity of peanut butter and show these on a properly labeled supply and demand diagram for peanut butter. b. What is the consumer and producer surplus in the market? Calculate and indicate these on your graph from part (a). c. Is the market economically efficient? In one sentence or less, how do you know?
9. The market for peanut butter is given by the following demand and supply curves: P=30-1/2 QD P=5+20¹ and a. Calculate the equilibrium price and quantity of peanut butter and show these on a properly labeled supply and demand diagram for peanut butter. b. What is the consumer and producer surplus in the market? Calculate and indicate these on your graph from part (a). c. Is the market economically efficient? In one sentence or less, how do you know?
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 9PA
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