Homework 4 Compatibility ModeOSearchReferencesMailingsReviewViewHelpText BoxA A Aa A三 TAaBbCcl AABBCI AaBbC AaB AaBbccE xA .A-出。1 Normal 1 No Spac. Heading 1TitleSubtitleStylesFontParagraph6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $500, what would herconsumer surplus have been.c. If the price of an iPhone were $900, what would her consumersurplus have been?7. The demand schedule for toasters, is given below. The price of toasters is $20.a. Graph the demand curve to scale and identify the area that represents theconsumer surplus(S)(millions)12010100208030604040502060b. Calculate the consumer surplus for toasters.hpho144%23&34.5.6.7.8.6.COLO Homework 4 Compatibility ModeO SearchReferencesMailingsReviewViewHelpA A Aa A三 TAABBCCI AaBbCI AaBbC A aB AaBbCccx A- I vA-三加三。|、田、1 Normal1 No Spac. Heading 1TitleSubtitleParagraphStylesont9. Toasters again! The demand and supply schedule for toasters, is given below.a. Graph the supply and demand curves to scale and identify the areas that representthe consumer surplus and producer surplusQoQs($)(millions)(millions)12010100102080203060304040405020506060b. What are the equilibrium quantity and price?Qe =Pe =c. Calculate consumer surplus, producer surplus and total surplus.DFoushp

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6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness to pay? b. If she had bought the iPhone on sale for $500, what would her consumer surplus have been. c. If the price of an iPhone were $900, what would her consumer surplus have been?

6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness to pay? b. If she had bought the iPhone on sale for $500, what would her consumer surplus have been. c. If the price of an iPhone were $900, what would her consumer surplus have been?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

Homework 4 Compatibility Mode
OSearch
References
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Review
View
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Text Box
A A Aa A
三 T
AaBbCcl AABBCI AaBbC AaB AaBbcc
E xA .A-
出。
1 Normal 1 No Spac. Heading 1
Title
Subtitle
Styles
Font
Paragraph
6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160.
a. What is her willingness to pay?
b. If she had bought the iPhone on sale for $500, what would her
consumer surplus have been.
c. If the price of an iPhone were $900, what would her consumer
surplus have been?
7. The demand schedule for toasters, is given below. The price of toasters is $20.
a. Graph the demand curve to scale and identify the area that represents the
consumer surplus
(S)
(millions)
120
10
100
20
80
30
60
40
40
50
20
60
b. Calculate the consumer surplus for toasters.
hp
ho
144
%23
&
3
4.
5.
6.
7.
8.
6.
CO
LO

Homework 4 Compatibility Mode
O Search
References
Mailings
Review
View
Help
A A Aa A
三 T
AABBCCI AaBbCI AaBbC A aB AaBbCcc
x A- I vA-
三加三。|、田、
1 Normal
1 No Spac. Heading 1
Title
Subtitle
Paragraph
Styles
ont
9. Toasters again! The demand and supply schedule for toasters, is given below.
a. Graph the supply and demand curves to scale and identify the areas that represent
the consumer surplus and producer surplus
Qo
Qs
($)
(millions)
(millions)
120
10
100
10
20
80
20
30
60
30
40
40
40
50
20
50
60
60
b. What are the equilibrium quantity and price?
Qe =
Pe =
c. Calculate consumer surplus, producer surplus and total surplus.
DFous
hp

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O Macmillan Learning Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.25. Michelle was willing to pay up to $7.25 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $1.75 for the cappuccino. Based on this information, answer the following questions. Michelle's consumer surplus: $ Paul's Cafe and Bakery's producer surplus: $
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48
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