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Author Question: Efficiency in ProductionThe graph shows the demand curve (D), the supply curve (S), and the marginal ... (Read 133 times)

vowens

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Question 1

Efficiency in Consumption

The graph shows the market for bao buns.
 
Assume that the area of A=50, B=70, C=15, D=65, E=20, F=65, and G=30. What is total surplus at P4? At the efficient price and quantity, what is total surplus?
◦ $215, $315
◦ $250, $285
◦ $50, $135
◦ $200, $150

Question 2

Efficiency in Production

The graph shows the demand curve (D), the supply curve (S), and the marginal cost curve (MC) for a firm that is a monopsony in the labor market.
 
Assume that P1=$5.75, P2=$16, P3=$25.25, Q1=125, Q2=230, Q3=330. What is the profit-maximizing wage for the monopsony? What is the deadweight loss?
Please round your final answer to two decimal places.
◦ $25.25, $1,998.75
◦ $5.75, $1,998.75
◦ $25.25, $1,023.75
◦ $5.75, $1,023.75


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Marked as best answer by vowens on Nov 23, 2022

studyforce.com

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vowens

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Reply 2 on: Nov 23, 2022
YES! Correct, THANKS for helping me on my review


Liamb2179

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Reply 3 on: Yesterday
:D TYSM

 

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