2. At the beginning of the school year, used couches are in high demand among St

Question

2. At the beginning of the school year, used couches are in high demand among State University freshman living on the sixth floor of Beta Dormitory. Fortunately for the freshman, the upperclassmen moving off of the sixth floor are very willing to sell their used couches. Answer the following questions about the sixth floor used-couch market. Extra points for graphical representation of CS and PS. (a) ( 2 pts). Complete the table below containing the market demand for used couches on the sixth floor. What is the total consumer surplus (CS)? Complete table and shade graph indicting Cs. Maximum Equillbrium Consumer Freshman price willing price surplus to pay 90 70 P. 50 50 50 $50P Emily Pedro (b) (2 pts). Complete the table below containing the market supply for used couches on the sixth floor. What is the total producer surplus (PS)? Complete table and shade graph indicting PS? Minimum Equilibriu Producer Upperclass acceptable m price surplus man price P $50-P Cho Susie Angie 30 40 50 50 50 50

Explanation / Answer

Req a; Max price willing Equilibrium Consumer Freshman to pay price Surplus Emily 90 50 40 Pedro 70 50 20 Nataile 50 50 0 Req b: Upperclass Min Acceptable Equilibrium Producer Man Price Price Surplus Cho 30 50 20 Susie 40 50 10 Angie 50 50 0

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