Use the following values for the graph above:

A B C D E F G H I
10.00 9.60 9.00 6.60 5.00 2 5 17 50

Calculate the following at the equilibrium price of $9.00.

a. The weekly consumer surplus at the market equilibrium price.

Instruction: Enter your response rounded to two decimal places.

$ per week.

b. The weekly producer surplus at the market equilibrium price.

Instruction: Enter your response rounded to two decimal places.

$ per week.

c. The maximum weekly amount that producers and consumers in Lincoln would be willing to pay to be able to buy and sell used DVDs in any given week (total economic surplus).

Instruction: Enter your response rounded to two decimal places.

$ per week.

(A) The rate of change in the price of a bushel of corn in the current year is $7.

(B) The price of a bushel of corn in the current year is $2 more than the price of a bushel of corn in the previous year.

Step-by-step explanation:

The graph for the prices of different numbers of bushels of corn at a store in the current year is shown below.

Part A:

The rate of change in the price of a bushel of corn in the current year based upon the number of bushels is known as the slope of the line.

The formula to compute the slope is:

Consider the ordered pairs: (4, 28) and (10, 70)

Compute the slope of the line as follows:

Thus, the rate of change in the price of a bushel of corn in the current year is $7.

Part B:

The data for the price of bushels in the previous year is as follows:

Number of Bushels Price

             2                   10

             4                  20

             6                  30

             8                  40

Compute the  rate of change in the price of a bushel of corn in the previous year based upon the number of bushels as follows:

Consider the ordered pairs: (2, 10) and (6, 30)

The  rate of change in the price of a bushel of corn in the previous year is $5.

Thus, the price of a bushel of corn in the current year is $2 more than the price of a bushel of corn in the previous year.

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