Answer the Following Questions Based on the Graph That Represents

question 156

Essay

Answer the following questions based on the graph that represents J.R.'s demand for ribs per week of ribs at Judy's rib shack.
a.At the equilibrium price, how many ribs would J.R.be willing to purchase?
b.How much is J.R.willing to pay for 20 ribs?
c.What is the magnitude of J.R.'s consumer surplus be at the equilibrium price?
d.At the equilibrium price, how many ribs would Judy be willing to sell?
e.How high must the price of ribs be for Judy to supply 20 ribs to the market?
f.At the equilibrium price, what is the magnitude of total surplus in the market?
g.If the price of ribs rose to $10, what would happen to J.R.'s consumer surplus?
h.If the price of ribs fell to $5, what would happen to Judy's producer surplus?
i.Explain why the graph that is shown verifies the fact that the market equilibrium (quantity) maximizes the sum of producer and consumer surplus.

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Definitions:

Differentiate

To recognize or ascertain what makes something or someone different; often involves distinguishing or separating into categories based on characteristics or qualities.

Affiliate

To connect or associate with a larger organization, group, or cause, often to gain or offer support.

Gender Schema

A mental model containing information about boys and girls that is used to process gender-relevant information.

Reproduction

The biological process by which new organisms are generated, ensuring the continuation of a species.