8. Four consumers are willing to pay these amounts for haircuts: Gloria: $35 Jay: $10 Claire: $40 | Phil: $25 Four haircutting businesses have these costs: Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10 Each firm can give, at most, one haircut. To achieve efficiency, how many haircuts should be given? Which businesses should cut hair and which consumers should have their hair cut? How large is the maximum possible total surplus? Please graph supply-and-demand curve to complement your answers.

8. Four consumers are willing to pay these amounts for haircuts: Gloria: $35 Jay: $10 Claire: $40 | Phil: $25 Four haircutting businesses have these costs: Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10 Each firm can give, at most, one haircut. To achieve efficiency, how many haircuts should be given? Which businesses should cut hair and which consumers should have their hair cut? How large is the maximum possible total surplus? Please graph supply-and-demand curve to complement your answers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

type plz

8. Four consumers are willing to pay these amounts for
haircuts:
Gloria: $35 Jay: $10 Claire: $40 Phil: $25
Four haircutting businesses have these costs:
Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10
Each firm can give, at most, one haircut. To achieve
efficiency, how many haircuts should be given? Which
businesses should cut hair and which consumers
should have their hair cut? How large is the
maximum possible total surplus?
Please graph supply-and-demand curve to complement your answers.

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