Andrew paid $40 to buy a potato cannon, a cylinder that shoots potatoes hundreds of feet. He friend Javier learns that Andrew bought a potato cannon, he asks Andrew if he will sell it for $65, and Andrew agrees. Javier is thrillect because he would have paid Andrew up to $80 for the cannon. Andrew is also delighted. Determine the consumer surplus from the original purchase and the additional surplus generated by the resale of the cannon. Andrew's original consumer surplus: $ Andrew's producer surplus from the resale: S

Andrew paid $40 to buy a potato cannon, a cylinder that shoots potatoes hundreds of feet. He friend Javier learns that Andrew bought a potato cannon, he asks Andrew if he will sell it for $65, and Andrew agrees. Javier is thrillect because he would have paid Andrew up to $80 for the cannon. Andrew is also delighted. Determine the consumer surplus from the original purchase and the additional surplus generated by the resale of the cannon. Andrew's original consumer surplus: $ Andrew's producer surplus from the resale: S

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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