econ hw 2020 1

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6 questions total

finish in 1 hour

1. The table below shows the market for apples in the country of Leia.

Price

Quantity Demanded

Quantity Supplied

0.00

30

0

1.00

25

5

2.00

20

10

3.00

15

15

4.00

10

20

5.00

5

25

6.00

0

30

a. Draw a graph for the market and identify the equilibrium quantity and price.

b. Compute the consumer surplus and producer surplus .

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