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