The Table Shows Data on the Supply and Demand for Munchies

question 249

Essay

The table shows data on the supply and demand for munchies. From the data, if the market is in equilibrium, what is the amount of consumer surplus and producer surplus, and the summation of both? Use a graph to support your Answer.
$\begin{array}{|c|c|c|}\hline \text { Price } & \text { Quantity Demanded } & \text { Quantity Supplied } \\\hline \$ 10 & 300 & 0 \\\hline \$ 20 & 250 & 100 \\\hline \$ 30 & 200 & 200 \\\hline \$ 40 & 150 & 300 \\\hline \$ 50 & 100 & 400 \\\hline \$ 60 & 50 & 500 \\\hline \$ 70 & 0 & 600 \\\hline\end{array}$

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Definitions:

Natural Theology

The study of nature and the physical universe as a means of understanding the existence and attributes of a divine creator.

William Paley

An English clergyman and philosopher known for formulating the watchmaker analogy, arguing for the existence of God based on the complexity of nature.

Influential Text

A written work that has significant impact on the thinking or behavior of individuals or society as a whole.

Genetic Drift

A mechanism of evolution that refers to random changes in the frequency of alleles within a population over time.