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The following figure shows the supply and demand for strawberries. Answer the questions that follow. a. Indicate the equilibrium price and equilibrium quantity. b. Suppose sellers try to sell strawberries at 4. How much of a shortage or a surplus of strawberries would result? c. Now suppose that the demand for strawberries falls by 10 units at every price. Draw the new demand curve in the figure, and estimate what the new equilibrium price and equilibrium quantity would be. d. If sellers still
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Use the linear demand and supply curves shown below to answer the following questions. You must show all calculations step-by-step or no credit will be given.a) The market or equilibrium price is .b) When 10,000 units are produced and consumed, total consumer surplus is, and total producer surplus is .c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is.d) At the market price in part a, the net gain to producers when they supply 10,000 units is .e) The n
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