For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day. Alex Barb Carlos Select one: First Orange $2.00 $1.50 $0.75 a. decreases by $3.85. O b. decreases by $2.25. decreases by $2.70. Od. increases by $2.90. Second Orange $1.50 $1.00 $0.25 Refer to Table 7-3. If the market price of an orange increases from $0.60 to $1.05, total consumer surplus Third Orange $0.75 $0.80 $0

For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day. Alex Barb Carlos Select one: First Orange $2.00 $1.50 $0.75 a. decreases by $3.85. O b. decreases by $2.25. decreases by $2.70. Od. increases by $2.90. Second Orange $1.50 $1.00 $0.25 Refer to Table 7-3. If the market price of an orange increases from $0.60 to $1.05, total consumer surplus Third Orange $0.75 $0.80 $0

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 2.4P

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Please answer b
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30
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