7.) Suppose there are four painters who can paint a house: Vincent, Claude, Pablo, and Andy. Eachcan paint either one house or no houses. Their costs of painting a house are given in thefollowing table:Cost to PaintPainterHouseVincent$900.00Claude800.00Pablo600.00Andy500.00What will total producer surplus be if the price to paint a house is $750?a.) $200b.) $400c.) $600d.) $8008.) Consider a simple economy with a single good: bread. There are 5 loaves of bread and twopotential consumers of bread: Moose and Squirrel. Moose likes consuming as much bread aspossible, and Squirrel likes consuming as little bread as possible. Which of the followingallocations is Pareto efficient?a.) 0 loaves of bread for Moose, 5 loaves of bread for Squirrelb.) 2 loaves of bread for Moose, 2 loaves of bread for Squirrelc.) 0 loaves of bread for Moose, 0 loaves of bread for Squirreld.) 5 loaves of bread for Moose, 0 loaves of bread for Squirrel9.) Suppose that Ty, George, Joe, and Ted are potential buyers of a rare Honus Wagner baseball card.Each will buy either one card or zero cards. Ty's benefit from owning the card is $500,000;George's benefit is $400,000; Joe's benefit is $300,000; and Ted's benefit is $200,000. Who is themarginal consumer if 2 Honus Wagner cards are sold?а.) Туb.) Georgeс.) Joed.) Ted

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7.) Suppose there are four painters who can paint a house: Vincent, Claude, Pablo, and Andy. Each can paint either one house or no houses. Their costs of painting a house are given in the following table: Cost to Paint Painter House Vincent $900.00 Claude 800.00 Pablo 600.00 Andy 500.00 What will total producer surplus be if the price to paint a house is $750? | a.) $200 b.) $400 c.) $600 d.) $800

7.) Suppose there are four painters who can paint a house: Vincent, Claude, Pablo, and Andy. Each can paint either one house or no houses. Their costs of painting a house are given in the following table: Cost to Paint Painter House Vincent $900.00 Claude 800.00 Pablo 600.00 Andy 500.00 What will total producer surplus be if the price to paint a house is $750? | a.) $200 b.) $400 c.) $600 d.) $800

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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