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Question: Use the data in the table in given Problem.
a. If the sandwich market is efficient, what is the consumer surplus, what is the producer surplus, and what is the total surplus?
b. If the demand for sandwiches increases and sandwich makers produce the efficient quantity, what happens to producer surplus and deadweight loss?
Problem: The table gives the demand and supply schedules for sandwiches.
Price (dollars per sandwich) Quantity demanded Quantity supplied (sandwiches per hour)
0 300 0
1 250 50
2 200 100
3 150 150
4 100 200
5 50 250
6 0 300
a. What is the maximum price that a consumer is willing to pay for the 200th sandwich?
b. What is the minimum price that a producer is willing to accept for the 200th sandwich?
c. If 200 sandwiches a day are available, what is the total surplus?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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