17. What is the total market quantity level of Vape liquids that correspond to the price of R100? A. 5.6 B. 10.22 C. 25 D. 8.33 E 100 18. What is the market price if the market quantity level of Vape liquids is 140 bottles? A. 5.6 B. 10.22 C. 25 D. 8.33 E 100 19. What is the total consumer surplus at P = R100? A. 25 B. 20.45 C. 150 D. 22.2 E 83.3

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter24: Price-searcher Markets With High Entry Barriers
Section: Chapter Questions
Problem 12CQ
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Pls answer all questions . Otherwise I will give you downvote

Assume that the diagrams below represent the market for Vape liquids in South Africa.
Further, assume that there are only 3 consumers in this market. Use the diagrams below
to answer questions 17, 18 and 19.
Price
Dwayne
120
D.
50
Quantity
Price
Megan
80
70
Quantity
Transcribed Image Text:Assume that the diagrams below represent the market for Vape liquids in South Africa. Further, assume that there are only 3 consumers in this market. Use the diagrams below to answer questions 17, 18 and 19. Price Dwayne 120 D. 50 Quantity Price Megan 80 70 Quantity
Vince
60
D.
30
Quantity
17. What is the total market quantity level of Vape liquids that correspond to the price of
R100?
A. 5.6
B. 10.22
С. 25
D. 8.33
E. 100
18. What is the market price if the market quantity level of Vape liquids is 140 bottles?
A. 5.6
B. 10.22
С. 25
D. 8.33
E. 100
19. What is the total consumer surplus at P R100?
A. 25
B. 20.45
С. 150
D. 22.2
E. 83.3
Transcribed Image Text:Vince 60 D. 30 Quantity 17. What is the total market quantity level of Vape liquids that correspond to the price of R100? A. 5.6 B. 10.22 С. 25 D. 8.33 E. 100 18. What is the market price if the market quantity level of Vape liquids is 140 bottles? A. 5.6 B. 10.22 С. 25 D. 8.33 E. 100 19. What is the total consumer surplus at P R100? A. 25 B. 20.45 С. 150 D. 22.2 E. 83.3
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