-The Table Above Gives the Demand and Supply Schedules for Bread

Essay

-The table above gives the demand and supply schedules for bread. Assume that the only people who benefit from bread are the people who consume it and the only people who bear the cost of bread are the people who produce it.
a) What is the maximum price that consumers are willing to pay for the 80th loaf of bread?
b) What is the minimum price that producers are willing to accept to produce 200 loaves of bread?
c) What is the efficient quantity of bread?
d) If the market is efficient, what is the consumer surplus?
e) If the market is efficient, what is the producer surplus?
f) If one firm owns all the bread outlets and sells 120 loaves per day, what is the deadweight loss (if any)?