40 35 30 25 20 10 10 20 30 40 50 60 10 0 Duatity

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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What is the consumer surplus when the price is $20?
40
35
30
25
20
15
10
10 20 30
Duantity
Select one:
O a. $500
O b. $1000
O. $20
O d. $50
Transcribed Image Text:What is the consumer surplus when the price is $20? 40 35 30 25 20 15 10 10 20 30 Duantity Select one: O a. $500 O b. $1000 O. $20 O d. $50
Haiti had an unemployment rate of 21% in 2009 and in 2011 the unemployment rate decreased to
19%. How would this be illustrated on Haiti's production possibilities frontier?
Select one:
O a. From one point to a different point on its production possibilities frontier.
O b. To a point that was once unattainable.
O. Away from its production possibilities frontier toward a point closer to the origin.
O d. A point closer to but not on the production possibilities frontier.
O e. To a point where it specializes in producing only one product.
Transcribed Image Text:Haiti had an unemployment rate of 21% in 2009 and in 2011 the unemployment rate decreased to 19%. How would this be illustrated on Haiti's production possibilities frontier? Select one: O a. From one point to a different point on its production possibilities frontier. O b. To a point that was once unattainable. O. Away from its production possibilities frontier toward a point closer to the origin. O d. A point closer to but not on the production possibilities frontier. O e. To a point where it specializes in producing only one product.
Expert Solution
Step 1

Consumer Surplus can be defined as the difference between what the consumer is willing to pay and what he actually pays. 

                                       Consumer Surplus = willing to pay - actually pay

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