Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

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

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
Step by step
Solved in 4 steps

Recommended textbooks for you


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON


Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON

Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON

Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning

Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education