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Suppose that currently 80 million hamburgers are being produced and sold at a price of $2.50. this outcome in the market for hamburgers is economically inefficient because Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers.
The equilibrium price for the hamburgers is $5.00 and the equilibrum quantity is 50 million hamburgers.
If 80 million hamburgers are being sold at a price of $2.50, this means that the market for the hamburgers is economically inefficient and producing more hamburgers than necessary at a lower price.
The impact of this is that some of the hamburgers will incur opportunity costs which are more than their value.
First part of the question is:
Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger.
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