Author Question: Efficiency in ProductionThe graph shows the demand curve (D), the supply curve (S), and the marginal ... (Read 747 times)

vowens · **on:** Nov 23, 2022

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

studyforce.com · **Reply #1 on:** Nov 23, 2022

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