Asked by Growing with Hussein on May 05, 2024
Verified
(Table: Pumpkin Market) There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,Andy buys _____ pumpkins and his consumer surplus is _____.
A) four;$2
B) three;$6
C) two;$8
D) one;$4
Equilibrium Price
The cost at which the amount of products available for sale matches the volume of products consumers want to buy.
Equilibrium Quantity
The quantity at which the supply and demand for a good or service are equal at a certain price level, leading to market equilibrium.
Pumpkin Market
A market or segment of the economy focused on the production, distribution, and sale of pumpkins.
- Determine the market's standing at equilibrium regarding price and quantity.
- Understand the concept of producer surplus and how it is affected by market changes.
Verified Answer
Learning Objectives
- Determine the market's standing at equilibrium regarding price and quantity.
- Understand the concept of producer surplus and how it is affected by market changes.
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