8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve forcaviar for Andrew and Vlad are given as follows:Andrew:Vladimir:p = 40-q.p = 80 - 4q.If Andrew and Vladimir are the only two consumers of caviar the market demand curve iskink at the price equals to:a. p = 40b. p = 20c. p = 10d. p = 25

The objective of the question is to find the price at which the market demand curve for caviar,…

Answered: 8. Andrew and Vladimir are neighbours…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows Hilary's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $_______. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Hilary would receive a consumer surplus of $_______.from the 8th slice of cheesecake she buys.The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the…
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Answer this for me mate. Much appreciated.
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7.1

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