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Homework answers / question archive / Consider the following market for flash drives

Consider the following market for flash drives

Economics

Consider the following market for flash drives.

 

Price ($) Quantity supplied Quantity demanded
65 3,000 0
60 2,750 250
55 2,500 500
50 2,250 750
45 2,000 1,000
40 1,750 1,250
35 1,500 1,500
30 1,250 1,750
25 1,000 2,000
20 750 2,250
15 500 2,500
10 250 2,750
5 0 3,000
0 0 3,250

1. What is the consumer surplus in the equilibrium?

2. Suppose there is an increase in the cost of producing flash drives such that the quantity supplied decreases by 1,000 units for each price. What is the consumer surplus at the new equilibrium?

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