Amazon has a "Lightning Deal" where it slashes the price of one item. At 3:15 p.m. today, they announced that the item was anew tablet with a sales price of $150 which is less than half the original priceThe table contains the maximum willingness to pay of five college students wanting to buy a tablet on AmazonWillingness to payStudent$500Anthony$400Amanda$300Lily$200Francisco$100МаxWhat is total consumer surplus for the five students?If the price increases from $150 to $350, what is the change$in total consumer surplus?

Answer - Given in the question-New tablet with a sales price of $150 which is less than half pf the…

Answered: Amazon has a "Lightning Deal" where it…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If the inverse demand function for toasters is p= 120 - 0.5q, what is the consumer surplus if the price is 10? Consumer surplus (CS) is $- (Enter your response as an integer.) ост H étv MacBook Air 80 DII DD F1 F2 F3 F4 F5 F6 F7 F8 F9 #3 2$ & 3 4 5 7 8 W R T Y U * CO < CO
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B does not have a fixed service fee but instead charges $1 per minute for calls. Your friend's monthly demand for minutes of calling is given by the equation Qp = 150 - 50P, where P is the price of a minute. With Provider A, the cost of an extra minute is With Provider B, the cost of an extra minute is S Given your friend's demand for minutes and the cost of an extra minute with each provider, if your friend used Provider A, he would talk for minutes, and if he used Provider B, he would talk for minutes. This means your friend would pay S for service with Provider A and S for service with Provider B. Use the following graph to draw your friend's demand curve for minutes. Then use the green triangle to help you answer the questions that follow. Note: Yo U will not be graded on an. changeS Vou mako to tha 喜G
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The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. PRICE (Dollars per unit) 2 = 18 16 14 12 10 2 P 2 4 D +xxx W 6 8 10 12 QUANTITY (Units) R + 14 16 18 20 Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and X, curve QQ is inelastic. Between points V and W, curve PP is perfectly inelastic. Curve QQ is less elastic between points V and X than curve RR is between points V and Y. True O O O False O O O
Suppose a town is planning to construct a new public park. Based on some market research, they have determined that the town’s 50 residents can be divided into two types with respect to their benefit from this public good. 20 of the town’s residents are of Type 1 and the other 30 residents are of Type 2. Each resident's individual demand for acres of park space is given by: Type 1: QD = 20 – P Type 2: QD = 40 – 2P a. Solve for the aggregate demand of the towns 50 residents as a function of the number of acres. Be sure to write down equations for each section of the aggregate demand curve, as well as the interval of quantities each section spans. b. Graph the aggregate demand curve calculated in part a. Make sure to label both intercepts, slopes, and the intersection of the two sections.
Rhea's inverse demand for a good is given by p = 15.00 - (1.00 × q). Assuming that there are enough suppliers to meet her demand, if the per-unit price increases from p = 3.50 to p = 7.50, what is the absolute value of her change in consumer's surplus? (Round to the nearest two decimals.)
A consumer is willing to pay $300 for cricket match. The cost of the ticket is $120. What is consumer surplus ?
Questions 5-9: Mary owns a cookie shop. One day, she decides to have a customer appreciation day and gives away 12 cookies. She begins to charge later in the evening. If she charges the customer $1, she will sell 9 cookies. If she charges $2, she will only sell 6 cookies. 5. Complete the demand schedule below. P (S) Qd 0 12 $1 9 $2 6 $3 $4 6. What is happening between the price and the number of cookies customers want? As the price increases, the quantity demanded decreases. 7. Draw the demand curve below: Do not forget everything that must be labeled.. P Q
Torsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of flour falls from $32 to $25, what is the change in Torsten's surplus? Flour can be bought in integer values only. Enter a number only, drop the $ sign. Include a negative sign if surplus decreases. Bags of flour MWTP 1 $48 2 $41 3 $38 4 $27 5 $16 6 $14 7 $7
The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 4 2 0 44 a 4 +XX+ W 6 8 10 12 QUANTITY (Units) 14 16
Eddie goes to Best Buy to buy a new TV. He is willing to pay $400 for the TV he wants. If the price for the TV is $275, what is Eddie's consumer surplus? $125 $675 $275

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