6. Consumer SurplusCho buys an iPhone for $240 and gets a consumer surplus of $160.Her willingness to pay for an iPhone isIf she had bought the iPhone on sale for $180, her consumer surplus would have beenIf the price of the iPhone had been $450, her consumer surplus would have been S

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Description: 6. Consumer SurplusCho buys an iPhone for $240 and gets a consumer surplus of $160.Her willingness to pay for an iPhone isIf she had bought the iPhone on sale for $180, her consumer surplus would have beenIf the price of the iPhone had been $450, he

Here, given information is, Market price= $240 Consumer surplus=$160 To find: willingness to pay…

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6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $450, her consumer surplus would have been

6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $450, her consumer surplus would have been

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Suppose that a decrease in the price of X results in more of good Y sold. What are X and Y called? a. complementary goods b. normal goods c. inferior goods d. substitute goods
5. There are some products that have fall in demand due to a rise in the income of consumers. Such goods are called______. a. Complementary goods b. Inferior goods c. Normal goods d. Substitute goods
Economics please help me with this, with detailed explanation, thank you!
20. A drop in the price of a commodity A shifts the demand curve for commodity B lettwiras. Fromthat you know that commodity A and B are: 2. inferior goods O substitutes a. complements d. normal goods
II. For the inferior good, draw and interpret a graph showing demand curve and a shift in the curve if your income increases.
6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $420, her consumer surplus would have been S
7. Consumer surplus for an individual and a market The following graph shows Shen's weekly demand for apple pie, represented by the blue line. Point A represents a point along his weekly demand. The market price of apple pie is $3.00 per slice, as shown by the horizontal black line. PRICE (Dollars per slice) PRICE (Dollars per slice) 7.50 0.75 6.00 4.50 3.75 7.50 3.00 6.75 2.25 6.00 1.50 5.25 Demand 0.75 4.50 0 3.75 3.00 2.25 1.50 0.75 0 From the previous graph, you can tell that Shen is willing to pay S for his 8th slice of apple pie each week. Since he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of apple pie is S 5.25 Demand Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Shen would receive a consumer surplus of S slice of apple pie he buys. The following graph shows the weekly market demand for apple pie in a small economy. 0 Price Use the purple point (diamond symbol) to shade the area representing consumer…
6. Consumer Surplus Valerie buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is $ If she had bought the iPhone on sale for $180, her consumer surplus would have been $ If the price of the iPhone had been $450, her consumer surplus would have been $
7. Other things equal, which of the following would NOT shift the supply curve for gasoline? a. a fall in the price of crude oil (from which gasoline is refined). b. an increase in the price of gasoline. c. an improvement in refining techniques that allows more gasoline to be squeezed out of a barrel of crude oil. d. an increase in the wages paid to people working in oil refineries..
What is consumer surplus? Consumer surplus is the OA. price; its marginal benefit B. price; its value of a good in excess of OC. marginal benefit; the price paid for it D. value; its marginal benefit Question 1 of 27 > summed over the quantity bought. Suppose that the price of a cashmere sweater is $100 and Jean's marginal benefit from a cashmere sweater is $300. If Jean buys 1 cashmere sweater, what is her consumer surplus? Jean's consumer surplus is $
8 When the price of a pizza slice decreases from $2 to $1, the case should be in a way the None of the answers given here is correct. income effect means elasticity of demand increases from 1 to 2. quantity demanded of pizza will not change. substitution effect means people buy more pizza. O income effect means elasticity of income increases from 1 to 2.
6. John consumes strawberries and cream together and in the fixed ratio of two boxes of strawberries to one cartons of cream. At any other ratio, the excess goods are totally useless to him. The cost of a box of strawberries is $10 and the cost of a carton of cream is $10. At an income of $300, what is John's demand on cream and strawberry?