-The Figure Above Shows the Market for Pizza

question 29

Essay

-The figure above shows the market for pizza.
a) If the price of a slice of pizza is $3, what is the consumer surplus of the 50th slice?
b) If the price of a slice of pizza is $3, what is the producer surplus of the 50th slice?
c) What is the efficient quantity? What is the equilibrium quantity? What is the deadweight loss when the equilibrium quantity is produced?

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Definitions:

Nursing Home

A residential facility for individuals who require constant nursing care and have significant deficiencies with activities of daily living.

City Streets

Public thoroughfares in urban areas, often paved and lined with buildings, facilitating vehicular and pedestrian traffic.

Highways

Major roads, especially those connecting major cities, designed for fast travel by vehicles.

Home

A place where one resides, offering security, comfort, and a sense of belonging.