Using the Graph Below,answer the Following Questions

question 14

Essay

Using the graph below,answer the following questions:

a)Label supply and demand curve.
b)Indicate the equilibrium price and quantity using MC1 (use P1 and Q1).
c)Indicate the equilibrium price and quantity using MC2 (use P2 and Q2).
d)Using letters and P1 and Q1,what is consumer surplus when MC = MC1?
e)Using letters and P1 and Q1,what is producer surplus when MC = MC1?
f)Using letters and P2 and Q2,what is consumer surplus when MC = MC2?
g)Using letters and P2 and Q2,what is producer surplus when MC = MC2?
h)Who is made worse off by the shift from MC1 to MC2,producers or consumers?
Why?

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