(2) (3) Мaximum Actual Price Price Willing to Pay (4) Consumer Surplus (1) (Equilibrlum Price) Person Bob $13 $8 $5 (= $13 – $8) Barb 12 8 4 (= $12 – $8) Bill 11 8 3(= $11 - $8) Bart 10 2= $10 - $8) Brent 9 1(= $ 9- $8) Betty 8 8 OE$ 8- $8) (2) (3) Minimum Actual Price (4) (1) Acceptable (Equilibrlum Price) Consumer Person Price Surplus Carlos $3 $8 $5 (= $8 – $3) Courtney 4 8 4 = $8 – $4) Chuck 8 3= $8 – $5) Cindy 6 8 2 = $8 - $6) 1= $8 – $7) OE $8 – $8) Cralg 7 8 Chad 8 8

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Look at Tables together. What is the total surplus if Bob buys a unit from Carlos? If Barb buys a unit from Courtney? If Bob buys a unit from Chad? 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?

(2)
(3)
Мaximum
Actual Price
Price Willing
to Pay
(4)
Consumer
Surplus
(1)
(Equilibrlum
Price)
Person
Bob
$13
$8
$5 (= $13 – $8)
Barb
12
8
4 (= $12 – $8)
Bill
11
8
3(= $11 - $8)
Bart
10
2= $10 - $8)
Brent
9
1(= $ 9- $8)
Betty
8
8
OE$ 8- $8)
Transcribed Image Text:(2) (3) Мaximum Actual Price Price Willing to Pay (4) Consumer Surplus (1) (Equilibrlum Price) Person Bob $13 $8 $5 (= $13 – $8) Barb 12 8 4 (= $12 – $8) Bill 11 8 3(= $11 - $8) Bart 10 2= $10 - $8) Brent 9 1(= $ 9- $8) Betty 8 8 OE$ 8- $8)
(2)
(3)
Minimum
Actual Price
(4)
(1)
Acceptable
(Equilibrlum
Price)
Consumer
Person
Price
Surplus
Carlos
$3
$8
$5 (= $8 – $3)
Courtney
4
8
4 = $8 – $4)
Chuck
8
3= $8 – $5)
Cindy
6
8
2 = $8 - $6)
1= $8 – $7)
OE $8 – $8)
Cralg
7
8
Chad
8
8
Transcribed Image Text:(2) (3) Minimum Actual Price (4) (1) Acceptable (Equilibrlum Price) Consumer Person Price Surplus Carlos $3 $8 $5 (= $8 – $3) Courtney 4 8 4 = $8 – $4) Chuck 8 3= $8 – $5) Cindy 6 8 2 = $8 - $6) 1= $8 – $7) OE $8 – $8) Cralg 7 8 Chad 8 8
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