A at the Equilibrium Price, How Many Burgers Would Ali

question 17

Essay

a. At the equilibrium price, how many burgers would Ali be willing to purchase?
b. How much is Ali willing to pay per burger for 20 burgers?
c. What is the magnitude of Ali's consumer surplus at the equilibrium price?
d. At the equilibrium price, how many burgers would the restaurant be willing to sell?
e. How high must the price of burgers be for the restaurant to supply 20 burgers to the market?
f. At the equilibrium price, what is the magnitude of total surplus in the market?
g. If the price of burgers rose to R100, what would happen to Ali's consumer surplus?
h. If the price of burgers fell to R50, what would happen to the restaurant's producer surplus?
i. Explain why the graph that is shown verifies the fact that the market equilibrium (quantity) maximises the sum of producer and consumer surplus.

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