Look at the tables below. Maximum Price Minimum Person Person Willing to Pay Acceptable Price Bob $21 Carlos $5 Barb 16 Courtney 7 Bill 14 Chuck Bart 12 Cindy 11 Brent 10 Craig 13 Betty 8 Chad 15 Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? %24 c. What is the total surplus if Bob buys a unit from Chad? %24 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

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Question 17
Look at the tables below.
Maximum Price
Minimum
Person
Person
Willing to Pay
Acceptable Price
Bob
$21
Carlos
$5
Barb
16
Courtney
7
Bill
14
Chuck
Bart
12
Cindy
11
Brent
10
Craig
13
Betty
8
Chad
15
Instructions: Enter your answers as a whole number.
a. What is the total surplus if Bob buys a unit from Carlos?
$
b. What is the total surplus if Barb buys a unit from Courtney?
%$4
c. What is the total surplus if Bob buys a unit from Chad?
%24
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?
Transcribed Image Text:Look at the tables below. Maximum Price Minimum Person Person Willing to Pay Acceptable Price Bob $21 Carlos $5 Barb 16 Courtney 7 Bill 14 Chuck Bart 12 Cindy 11 Brent 10 Craig 13 Betty 8 Chad 15 Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? %$4 c. What is the total surplus if Bob buys a unit from Chad? %24 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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