5 Given the following information about the supply of and demand for apples: Price per pound Quantity demanded (pounds per month) Quantity Supplied (pounds per month $0.50 12,000 0.75 10,000 2,000 1.00 8,000 4,000 1.25 6,000 6,000 1.50 4,000 8,000 1.75 2,000 10,000 2.00 12,000 Draw a graph similar to Figure 6.12 "Net Benefit: The Sum of Consumer and Producer Surplus" Assuming the market for apples meets the efficiency condition, show the equilibrium price and quantity that maximizes net benefit to society Identify the area of consumer surplus and the area of producer surplus Attributed to Libby Rittenberg and Timothy Tregarthen Saylor URL: http://www.saylor.org/books/ Saylor.org 349