Question 6:
Consider a market for Lemonade. Please use the accompanying graph to answer following questions. P is
the price of Lemonade and Q is the quantity of Lemonade.
S
20
15
10
5
0
8
12
16
(a) What is the equilibrium price and equilibrium quantity of Lemonade in the market?
(b) Calculate the consumer surplus and producer surplus at the equilibrium quantity.
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Answer:
Consider a market for Lemonade. Please use the accompanying graph to answer following questions. P is the price of Lemonade and Q is the quantity of Lemonade. (a) What is the equilibrium price and equilibrium quantity of Lemonade in the market? (b) Calculate the consumer surplus and producer surplus at the equilibrium quantity.
Explanation:
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