Identify the areas of consumers surplus and producer surplus

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Macroeconomics Mcconnell Brue Flynn Homework: Chapter 4 Review #1: Draw a supply and demand graph and identify the areas of consumers surplus and producer surplus. Given the demand curve, what impact will an increase in supply have on the amount of consumer surplus shown in your diagram? Problem: Refer to Table 4.2. If the six peoples listed in the table are the only producers in the market and the equlibrum price is $6 (not the $8 shown), how much producer surplus will the market generate?

Reference no: EM131165531

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