4. Let the market for Tennis racquets be:
Quantity demanded & market price quantity supplied & market price
0 100 0 40
25 80 15 50
40 50 25 80
- What is the total purchase of tennis racquets? Why?
- What is the consumer surplus? Why?
- What is the increase in consumer surplus when the market price drops to $ 50?
- What is the increase in producer surplus when the market jumps to 80?
- Deduce and explain the total surplus