(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
(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
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?
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