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101

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Economics

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Feb 20, 2024

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Search Q C Name Dhruv Rana Module 49 Featured Worksheet 1 Consumer Surplus Consider the following table which shows 5 individuals’ willingness to pay for concert tickets. If the price of a ticket is $75, calculate consumer surplus for each individual. Potential Buyer Willingness to Pay Price Paid Consumer Surplus Trevor $50 Sarah $150 Martin $75 7 Freddy $60 EiE i Rashawn ' $120 75 | a5 | 1. What is quantity of tickets demanded at a price of $75? 2. Fill in the consumer surplus for each individual in the table. 3. If Trevor, Sarah, Martin, Freddy, and Rashawn ar how much is total consumer surplus? Show your work. a 1 [ et e the only consumers in the market, 4. What is the quantity of tickets demanded and total consumer surplus if the price of tickets decreases to $50? Show your work. ) 5. Identify the area of consumer surplus on the graph and calculate the value of that area. Show your work. N 10 8 100 AA 1. Consider the following table which shows 5 individuals’ willingness to sell concert tickets. If the price of a ticket is $35, calculate producer surplus for each individual. & coursehero.com & ( m
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