The table below shows the demand and supply schedules for

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Reference no: EM13377283

The table below shows the demand and supply schedules for sandwiches. Use the

table to answer the following questions:

Price Q Demanded Q Supplied

(dollars per sandwhich) (sandwhiches per hour)

0 400 0

1 350 50

2 300 100

3 250 150

4 200 200

5 150 250

6 100 300

7 50 350

8 0 400

a. What is the efficient quantity of sandwiches?

b. What is the consumer surplus if the efficient quantity of sandwiches is produced?

c. What is the producer surplus if the efficient quantity of sandwiches is produced?

d. If Sandwiches To Go Inc. buys all the sandwich producers and cuts production to 100 sandwiches an hour, what is the deadweight loss that is created?

e. If in part d, Sandwiches To Go Inc. rations sandwiches to two per person, is this distribution of sandwiches fair? Explain

Reference no: EM13377283

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