Answer the Following Questions Based on the Graph That Represents

question 332

Essay

Answer the following questions based on the graph that represents J.R.'s demand for ribs per week 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 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:

Left Hemisphere

The left side of the brain, typically associated with analytical tasks, such as language, logic, and mathematical calculations.

Right Hemisphere

The half of the brain that is typically associated with creative thinking, intuition, and spatial abilities.

Activities

Tasks or actions that are carried out by individuals, often for enjoyment, learning, or achieving a goal.

Phineas Gage

A railroad worker whose survival of a severe brain injury in the 19th century contributed significantly to the understanding of brain function and personality change.