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Demand and Supply". Use the linear demand and supply curves shown in the figure to answer the following questions:
a.The economic value of the 10,000th unit is $_______, and the minimum price producers will accept to produce this unit is $ ________.
b. When 4,500 units are produced and consumed, total consumer surplus is $ ________, and total producer surplus is $ _________. Show your work/ calculations.
c. The net gain to society when 4,500 units are produced and consumed at the market price is $ __________, which is called ____________________________.
d. In market equilibrium, total consumer surplus is $ _________________, and the total producer surplus is $ ___________________. Show your work/ calculations.
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