The following table gives the supply schedule (willingness to sell) for eight firms, each of whom has one unit of this good to sell. Firm | Willingness to Sell ---|--- 1 | $5 2 | $10 3 | $15 4 | $20 5 | $25 6 | $28 7 | $29 8 | $30 If the market price of the good is $25, ____ firm(s) will sell the good. Total producer surplus will be $____. If the market price of the good is $30, ____ firms(s) will sell the good. Total producer surplus will be $____.
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If the market price of the good is $25, firms that are willing to sell at $25 or less will sell the good. Show more…
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The following table gives the supply and demand schedules for eight firms and eight consumers, each of whom has one unit of this good to sell or wishes to purchase one unit. Firm | Willingness to Sell | Consumer | Willingness to Pay -------|---------------------|----------|------------------- 1 | $5 | 1 | $50 2 | $10 | 2 | $40 3 | $15 | 3 | $35 4 | $20 | 4 | $30 5 | $25 | 5 | $25 6 | $28 | 6 | $22 7 | $29 | 7 | $20 8 | $30 | 8 | $19 The equilibrium price in this market is $25. At that price, 5 units of the good will be bought and sold. Total producer surplus will be _______. Total consumer surplus will be _______. Total surplus in the market will be _______.
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Firm A's Quantity Supplied Firm B's Quantity Supplied Firm C's Quantity Supplied Firm D's Quantity Supplied Price $0 10 0 0 $2 8 3 4 5 $4 6 6 8 10 $6 4 9 12 15 $8 2 12 8 20 $10 0 15 4 25 Refer to Table 2. If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is
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