(a) Estimate the equilibrium price and quantity for the supply and demand curves in
Chapter 6, Problem 12(choose chapter or problem)
(a) Estimate the equilibrium price and quantity for the supply and demand curves in Figure 6.38. (b) Estimate the consumer and producer surplus. (c) The price is set artificially low at p = 4 dollars per unit. Estimate the consumer and producer surplus at this price. Compare your answers to the consumer and producer surplus at the equilibrium price. 200 400 600 800 1000 4 8 12 S D q (quantity) p ($/unit) Figure 6.38
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