Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman

Exercise 4

The following table shows the quantities of bottled water demanded and supplied per week at different prices in a particular city:
a. Draw the supply and demand curves for this market,and identify the equilibrium price and quantity.
b. Identify on your graph areas for market consumer surplus and market producer surplus when the market is in equilibrium.
c. Using your graph,calculate the dollar value of market consumer surplus,market producer surplus,and the total net benefits in the market at equilibrium.