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Welcome to the Q&A for ECN/APEC 2010, where you can ask questions and receive answers from your fellow students, the TA, and your professor.

Please only ask questions about the material for the course. Try to create discussions about the material we see in class, instead of just thinking of economics in general (this is an introduction to microeconomics class, not a policy or government class).

For questions and discussions about course organization or other course related topics, come see us after class or during office hours.

Feel free to discuss quiz questions on the Q&A, but do not provide direct answers to quiz questions before the quiz's due date.

Question 13 on Midterm 1

–1 vote
6 views

Consider a market with 8 consumers having the following willignesses-to-pay for a unit of the good (each consumer buys at most one unit of the good):

12345678
WTP$10$15$5$25$30$20$40$25

In the same market, there are 8 producers with the following willignesses-to-sell (each producer produces at most one unit of the good):

12345678
WTS$10$15$5$25$30$20$40$25

What will be the total surplus at a market equilibrium?

Why is the answer $70?

asked Apr 28 by canvas-e25408d8f8d15 (216 points)
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