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FIN 551 – Price Quantity demanded Quantity supplied

by | Nov 30, 2023 | Posted Questions

Table.

Price Quantity demanded Quantity supplied

$12 0 12

$10 4 10

$8 8 8

$6 12 6

$4 16 4

$2 20 2

At equilibrium the price is $8 and the quantity sold and demanded are both 8. At equilibrium the consumer surplus is $16, and the producer surplus is $32. As the table suggests, the demand curve is a straight line and so is the supply curve. Take this into account and suppose the price is $8,with only 4 pizzas being bought and sold. Producer surplus amounts to. How do I calculate the producer surplus (step by step) for the price at $8 and 4 pizzas bought and sold?

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