(Figure: The Market for Hamburgers) The figure The Market for Hamburgers shows the weekly market for hamburgers in Tuscaloosa. If the price of a burger is $2, consumer surplus will equal: A. $650. B. $225. C. $400. D. $450. Price of hamburger $5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 S₁ D₁ 100 200 300 400 500 600 700 800 Quantity of hamburgers (nar wank)

(Figure: The Market for Hamburgers) The figure The Market for Hamburgers shows the weekly market for hamburgers in Tuscaloosa. If the price of a burger is $2, consumer surplus will equal: A. $650. B. $225. C. $400. D. $450. Price of hamburger $5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 S₁ D₁ 100 200 300 400 500 600 700 800 Quantity of hamburgers (nar wank)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Time left 0:36:13 The table below shows the willingness to pay for a good for four consumers in a market Consumer Willingness to Pay $80 of $65 C $45 D. $30 If the price of the good is $50, what is the total consumer surplus? Select one: a. $25 b. $45 C. $20 d. $65 Next page vious page OCT tv 田 1,532 23
Subject: economic
5. Using the graph above, suppose a price floor of $14.00 is imposed. As a result, total surplus will: Increase by $80 Decrease by $10 Decrease by $20 Decrease by $80 a. b. C. d. Brice Homework 5: Government Policies in the Market Price $20 18 16 4 12 10 8 6 4. D 10 20 30 40 50 60 70 80 90 100 Quantity
6. The price of the good in the graph below is $5 per unit. Calculate the producers' surplus using the information in Figure 3.3. P $5.00 $3.25 $2.50 11 22 35 S Q
2. Individual demand and consumer surplus Consider the market for antique cars. The market price of each antique car is $180,000, and each buyer demands no more than one antique car. Suppose that Jake is the only consumer in the antique car market. His willingness to pay for an antique car is $315,000. Based on Jake's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols).
3. Assume the minimum price needed for a producer to sell a good is $7, and the maximum price a buyer is willing to pay for the good is $13. If the good sells for $11, what is producer surplus? What is consumer surplus? 4. On the graph below, determine the areas of consumer surplus and
1. The market price is $________ per bottle.2. The equilibrium quantity is ________ bottles.3. The price at which suppliers will not put any bottles on the market is $_______.4. What is the consumers’ surplus in the market at equilibrium $________ (assume the demand curve starts at $38)5. What is the producers’ surplus in this market at equilibrium $_______
Table C Buyer Willingness to Pay (Dollars ) Kevin 25 Sasha 30 Erica 35 Chen 45 Refer to Table C. If the price is $27, then consumer surplus in the market is $55, and Erica and Chen purchase the good. $ 90, and Kevin and Sasha purchase the good. $29, and Sasha, Erica, and Chen purchase the good. $60, and Kevin, Sasha, Erica, and Chen purchase the good.
6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $420, her consumer surplus would have been S
Consumer Willingness to Pay Curly Moe Larry $50 30 15 The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be A. $0. B. $14. C. $26. O D. $53.
2. Ben values each latte at $12 and purchases two for $3 each from the local cafe whose costs are $1 per latte. a. How much economic surplus is created as a result of this transaction? b. What's Ben's consumer surplus and what's the producer surplus gained by the cafe?