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In a demand and supply diagram, at unit 5, the price on the demand curve is $20 and the price on the supply curve is $14. The market price is $16.
a) What is the marginal benefit and cost of this unit to a buyer?
b) What is the marginal benefit and cost of this unit to a seller?
c) What is the highest market price a buyer would be willing to pay for this unit?
d) What is the lowest price a seller would be willing to set the good at?
e) And what is the increase in net benefit of buying this good to demanders?
f) What is the increase in net benefit of buying this good to sellers?
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