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handwritten copy. GRAPH A $2.00 $1.75 $1.50 $0.75 $0.20 50 100 125 150 Q Question 1: This question refers to Graph A. If bottled water were selling...

I wanted to double check my answers. For #1 I thought it was an excess demand by subtracting 150 from 50 because they are selling at .75, which would cause an excess demand of 100. For #3 I was pretty confused and sort of just an educated guess. I showed my work for questions 4 & 5. Any help would be great! Screen Shot 2018-09-05 at 9.47.16 AM.png

Screen Shot 2018-09-05 at 9.47.16 AM.png

handwritten copy. However, please do NOT submit any mobile phone pictures of handwritten answers. GRAPH A $2.00
$1.75 $1.50 $0.75 $0.20 50 100 125 150 Q Question 1:
This question refers to Graph A. If bottled water were selling for $0.75 each, there would be: 3) Excess demand of 50 bottles
b) Excess supply of 50 bottles c) Excess demand of 100 bottles
d) Excess supply of 50 bottles Question 3: This question refers to Graph A. What is the marginal cost of producing the 50‘" bottle of water? a) $0 b) 50.75
c) 51.50
d) $1.75 Question 4: This question refers to Graph A. In equilibrium, what are the total benefits (or total willingness-to-pay)?
(Show your work) (100 ' .so)/ (1/3525 Question 5: This question refers to Graph A. In equilibrium. what are the total net benefits (Le. total surplus)? (Show
your work) (1-3'3991+(1oo * .50): so

Top Answer

For question 1, the answer is correct For question 3, the answer is d)=... View the full answer

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