Calculate consumer surplus, producer surplus and total surplus. And P2, Y1, X2 a

Question

Calculate consumer surplus, producer surplus and total surplus. And P2, Y1, X2 and MRS. 2. (16 points) Let the demand function for picante sauce be given by: Op 864-18P Let the supply function for Border's picante sauce be given by: s-459+27P a. Solve for equilibrium price and quantity for Border's picante sauce. Show your work 864-45918P 23 b. Calculate the inverse demand function for Border. Show your work. Rounding is acceptable. 453 21P -458 Qs re. Graph the demand and supply functions on the graph to the to the right. (You need only find the critical points-0-0 and P=0. Use your answer to (a) to help with your supply curve!) c. 86H

Explanation / Answer

P2=16

Y1=15

X2= 16

MRS =-30/16

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