Maximum PriceWilling to PayРеrsonMinimumAcceptable PricePersonBob$13Carlos$3-Barb12Courtney4Bill11Chuck5Bart10CindyBrentCraig7Betty8.Chad8.Instructions: Enter your answers as a whole number.a. What is the total surplus if Bob buys a unit from Carlos?$410b. What is the total surplus if Barb buys a unit from Courtney?248.c. What is the total surplus if Bob buys a unit from Chad?%245.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 thatcan be achieved?%249 of 10Next >< PrevMacBook Air%24%24

The maximum willingness to pay is the maximum price the consumer is willing to pay for a unit. If…

Answered: Minimum Willing to Pay Person…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9 Erika's evaluation of packets of nacho chips in terms of $MU is shown in table below. Marginal Consumer Surplus Quantity of Chips 1 2 3 4 5 SMU $ 3.50 2.70 1.90 1.50 1.40 Price $1.30 1.30 1.30 1.30 1.30 $ Total Consumer Surplus $ If Erika buys five packets, calculate her marginal consumer surplus for each packet and the total consumer surp complete table above. Round your answers to 2 decimal places.
Back to Assignment Attempts Keep the Highest /3 6. Consumer Surplus Simone buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is $ If she had bought the iPhone on sale for $100, her consumer surplus would have been S If the price of the iPhone had been $450, her consumer surplus would have beenS Grade hp ho & 7 5
Plz explain all option ......you will not explain all option then I will give you down upvote...
Demand: Thinking Like a Buyer — End of Chapter Problem The marginal benefit received for each gallon of gasoline consumed per week for Ang, Tony, and Gianna are provided in the accompanying table. a. On the first graph, move the points to plot an individual demand curve for each person. b. Assuming there are only these three people in the market, create the market demand curve for gasoline on the second graph. Move each of the points of the market demand curve provided to plot the appropriate market demand according to the dataset provided. Gallons consumedper week Ang’s marginal benefit Tony’s marginal benefit Gianna’s marginal benefit 1 $7 $4 $8 2 $5 $3 $6 3 $3 $2 $4 4 $1 $1 $2
Figure 4-1 Price (dollars per ice cream cone) $3.50 O $9.00 O $1.50 3.00 O $0 2.50 $7.50 2 Figure 4-1 shows Kendra's demand curve for ice cream cones. 3 Refer to Figure 4-1. If the market price is $2.50, what is Kendra's consumer surplus? Demand Quantity (ice cream cones)
John is looking to sell his car and Mary is looking to buy it. John values the car at $2000 and Mary values it at $3000. John offers to sell it to Mary at a price of $3500. Which of the following is true: O Mary will accept the offer and the total surplus will be $1000 Mary will not accept the offer and the total surplus yill be 0. O Mary will accept the offer but the total surplus will be less than $1000 O Mary will not accept the offer and the total surplus will be $1000. O None of the above
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8. Consumer and Producer Surplus Suppose Gilberto is the only seller in the market for bottled water and Charles is the only buyer. The following lists show the value Charles places on a bottle of water and the cost Gilberto incurs to produce each bottle of water: Charles's Value Gilberto's Costs Value of first bottle: $10 Cost of first bottle: $1 Value of second bottle: $7 Cost of second bottle: $3 Value of third bottle: $3 Cost of third bottle: $7 Value of fourth bottle: $1 Cost of fourth bottle: $10 The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $10 4 $7 to $10 3 1 $3 to $7 2 2 $1 to $3 1 3 $1 or less 4
A computer store sells WP and SS. Given below are themaximum amounts two consumers will pay for these goods and for a bundle that contains bothgoods. WP SS Bundle carolina $100 $90 $190 shawn $90 $40 $130 (a) What is the firm’s revenue if it sells the WP at a price of $90 and the SSat a price of $90? The goods are only available individually and not as a bundle. Please showyour calculations.(b) Will the firm charge $130 or $190 for the bundle if it wants to earn maximum revenue?Assume that the goods are only sold as a bundle and not available separately. Please explain.(c) Will selling individually or selling a bundle result in higher revenues?
9. Explain the concepts of producer surplus and consumer surplus in your own words. Use the example of a market for computer games in your explanation.
Chin purchases five protein bars at a price of $3 each. The marginal benefit he receives from each bar is $5 for the first bar, $4.50 for the second bar, $4 for the third bar, $3.50 for the fourth bar, and $3 for the fifth bar. The marginal cost of producing the bars is $2 each. What is Chin's consumer surplus on the fifth bar?
J 7

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