5. The accompanying table shows the supply and demand schedules for used copies of the fifth edition of this textbook. The supply schedule is derived from offers at Amazon. The demand schedule is hypothetical. Price of book $55 60 65 70 75 80 85 90 95 100 105 110 Quantity of books demanded 50 35 25 17 14 12 10 8 6 4 2 0 Quantity of books supplied 0 1 3 3 6 9 10 18 22 31 37 42 a. Calculate consumer and producer surplus at the equilibrium in this market. b. Now the sixth edition of this textbook becomes available. As a result, the willingness to pay of each potential buyer for a second-hand copy of the fifth edition falls by $20. In a table, show the new demand schedule and again calculate consumer and producer surplus at the new equilibrium.

5. The accompanying table shows the supply and demand schedules for used copies of the fifth edition of this textbook. The supply schedule is derived from offers at Amazon. The demand schedule is hypothetical. Price of book $55 60 65 70 75 80 85 90 95 100 105 110 Quantity of books demanded 50 35 25 17 14 12 10 8 6 4 2 0 Quantity of books supplied 0 1 3 3 6 9 10 18 22 31 37 42 a. Calculate consumer and producer surplus at the equilibrium in this market. b. Now the sixth edition of this textbook becomes available. As a result, the willingness to pay of each potential buyer for a second-hand copy of the fifth edition falls by $20. In a table, show the new demand schedule and again calculate consumer and producer surplus at the new equilibrium.

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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