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:

Consumerism

The promotion of the consumer's interests, emphasizing the importance of consumption and acquisition of goods.

Trademark Infringement

The unauthorized use of a trademarked name or logo, which violates the rights of the trademark owner.

Lanham Act

A United States federal statute that governs trademarks, service marks, and unfair competition, providing protection to the owners of brands or logos used in commerce.

Nutritional Labeling

Information presented on food packaging that outlines the nutrients found in the food, such as calories, fats, vitamins, and minerals.