am. 237 Look at the table below.PersonBashinBarbBillBeejaBrentBlessing$Maximum PriceWilling to Pay (=MB)$ 13$111098Person$ChanderChaayaChuckChazenChumaChadMinimumAcceptable Price-MC)Instructions: Enter your answers as a whole number.a. What is the total surplus If Bashir buys a unit from Chander?b. What is the total surplus if Barb buys a unit from Chaaya?c. What is the total surplus If Bashir buys a unit from Chad?568d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is thelargest total surplus that can be achieved?

Total Surplus is defined as the addition of the consumer and producer surplus

Look at the table below. Person Bashir Barb Bill Beeja Brent Blessing $ $ Maximum Price Willing to Pay (=MB) $ 13 12 11 10 9 8 Instructions: Enter your answers as a whole number. a. What is the total surplus If Bashir buys a unit from Chander? $ Person Chander Chaaya Chuck Chazen Chuma Chad b. What is the total surplus if Barb buys a unit from Chaaya? $ Minimum Acceptable Price (=MC) $3 4 5 6 7 8 c. What is the total surplus if Bashir buys a unit from Chad? d. If you match up pairs of buyers and sellers so as largest total surplus that can be achleved? maxi the total surplus of all transactions, what is the

Look at the table below. Person Bashir Barb Bill Beeja Brent Blessing $ $ Maximum Price Willing to Pay (=MB) $ 13 12 11 10 9 8 Instructions: Enter your answers as a whole number. a. What is the total surplus If Bashir buys a unit from Chander? $ Person Chander Chaaya Chuck Chazen Chuma Chad b. What is the total surplus if Barb buys a unit from Chaaya? $ Minimum Acceptable Price (=MC) $3 4 5 6 7 8 c. What is the total surplus if Bashir buys a unit from Chad? d. If you match up pairs of buyers and sellers so as largest total surplus that can be achleved? maxi the total surplus of all transactions, what is the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

am. 237

Look at the table below.
Person
Bashin
Barb
Bill
Beeja
Brent
Blessing
$
Maximum Price
Willing to Pay (=MB)
$ 13
$
11
10
9
8
Person
$
Chander
Chaaya
Chuck
Chazen
Chuma
Chad
Minimum
Acceptable Price
-MC)
Instructions: Enter your answers as a whole number.
a. What is the total surplus If Bashir buys a unit from Chander?
b. What is the total surplus if Barb buys a unit from Chaaya?
c. What is the total surplus If Bashir buys a unit from Chad?
5
6
8
d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the
largest total surplus that can be achieved?

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Step 3: b. Find the total surplus for Barb

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Step 4: c. Find total surplus if Bashir buys from Chad

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