Figure 4-3

Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18.
-Refer to Figure 4-3.What is the value of consumer surplus at the equilibrium price of $15?

Question

Figure 4-3
  
Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18.
-Refer to Figure 4-3.What is the value of consumer surplus at the equilibrium price of $15?

Quizplus · Accepted Answer

The Answer of Figure 4-3
  
Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18.
-Refer to Figure 4-3.What is the value of consumer surplus at the equilibrium price of $15?

Figure 4-3 Figure 4-3 Shows the Market for Tiger Shrimp. the Market