Table C Buyer Willingness to Pay (Dollars ) Kevin 25 Sasha 30 Erica 35 Chen 45 Refer to Table C. If the price is $27, then consumer surplus in the market is $55, and Erica and Chen purchase the good. $
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- QUESTION 13 If your willingness to pay for a coffee is 35 dirhams, and the price is 20 dirhams. What is your consumer surplus after you buy the coffee?27. If the demand for a pack of cigarettes is Q=50-$5P For a typical smoker and the price per pack is $8, how many packs of cigarettes does the person buy? What is his/her consumer surplus?Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $190. Amanda experiences Multiple Choice A. a consumer surplus of $10, and Tony experiences a consumer surplus of $150. B. a producer surplus of $200, and Tony experiences a consumer surplus of $10. C. a producer surplus of $10, and Tony experiences a consumer surplus of $190. D. a consumer surplus of $670, and Tony experiences a producer surplus of $200. E. a consumer surplus of $10, and Tony experiences a producer surplus of $140..
- Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then his consumer surplus is 14 Multiple Choice eBook more than $9. $19. $90. $10. Mc Graw Hill Type here to searchLook at the tables below. Person Bob Barb Bill Bart Brent Betty $ Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? $ c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?essment 1 P 46 40 40 :44 30 E₁ 24 24 E2 100 150 S -D2 -D1 The graph shown portrays a subsidy to buyers. The subsidy causes Saved units to be sold in this market.
- Maximum Price Willing to Pay Реrson Minimum Acceptable Price Person Bob $13 Carlos $3 -Barb 12 Courtney 4 Bill 11 Chuck 5 Bart 10 Cindy Brent Craig 7 Betty 8. Chad 8. Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $4 10 b. What is the total surplus if Barb buys a unit from Courtney? 24 8. c. What is the total surplus if Bob buys a unit from Chad? %24 5. d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved? %24 9 of 10 Next > < Prev MacBook Air %24 %245-4 The table below demonstrates each consumer’s willingness to pay for a product. Construct a step graph of the five consumers’ willingness to pay. Now calculate consumer surplus for each consumer when the price is $10. What is the total consumer surplus at this price? Who will buy the product?1. It is a hot day, and Seth is thirsty. Here is the value he places on each bottle of water. Value of first bottle P7 Value of second bottle P5 Value of third bottle P3 Value of fourth bottle P1 a. Form this information, derive Seth's demand schedule. Graph his demand curve for bottled water. b. If the price of a bottle of water is P4, how many bottles does Seth buy? How much consumer surplus does Seth get from his purchase? Show Seth's consumer surplus in your graph. c. If the price falls to P2, how does Seth's consumer surplus change? Show these changes in your graph.
- 4. Consumer surplus for an individual and a market The following graph shows Jacques's weekly demand for apple pie, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of apple pie is $3.00 per slice, as shown by the horizontal black line. Jacques's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4.50 Y-Intercept: 3 3.75 Price 3.00 225 1.50 0.75 10 12 14 16 18 20 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Jacques is willing to pay s for his 8th slice of apple pie each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of apple pie is s PRICE (Dollars per slice)2. Individual demand and consumer surplus Consider the market for apartments. The market price of each apartment is $300,000, and each buyer demands no more than one apartment. Suppose that Tim is the only consumer in the apartment market. His willingness to pay for an apartment is $480,000. Based on Tim's willingness to pay, the following graph shows his demand curve for apartments. Shade the area representing Tim's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 400 420 360 300 240 180 120 60 0 Tim's Demand QUANTITY (Apartments) Market Price Tim's Consumer Surpis ?Only typed answer Dominic is willing to pay $12 for a single pizza; Stephany is willing to pay $7; and Tyler is willing to pay $5. There are no other potential consumers for pizza. Cheezbuzz, the supplier of pizza, has a cost of $1 for the first pizza, $2 for the secondpizza, $3 for the third, $4 for the fourth, and so on. In a closed market equilibrium, the social surplus will be $ $18 If the world price is $10.50, a total of ______ pizzas will be exported.