Nicole has a hockey puck from the 2010 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if thewinning bid is greater than or equal to $500. After bidding closes, the last bid stands at $500.Nicole has aNicole's surplus: $O producer surplus.consumer surplus.Claire is trying to sell her used calculus textbook online. She asks for $150 or best offer, and is willing to sell for anything overs100. She is able to sell it for $125.Claire has aClaire's surplus: $producer surplus.consumer surplus.

Consumer surplus refers to the surplus earned by buyers when the price they pay for a good is lower…

Answered: Nicole has a hockey puck from the 2010…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The price of Apple has increased. Due to this the supply of apple will rise. True/False
Consumer surplus is equal to the difference between
Anderson is willing to pay $12. Kendrick can provide the item for $10, but producing the item imposes a cost of $8 on Talib. If Anderson purchases the item from Kendrick for $11, what is the total surplus from the transaction? (Remember, do not enter the $, and enter the - if TS is negative.)
A surplus (excess) condition will cause the supplier / producer to increase the price to get more profit so that the price returns to the equilibrium point.True or false?
When a market is in equilibrium and there is no outside intervention to change the equilibrium price: a- inefficiency is maximized. b- no mutually beneficial trades are missed. c- some mutually beneficial trades may be missed. d- total surplus is minimized.
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $26, $14, $10, $5, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $14, $26, $34, and $42 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $3 $5 $10 $14 $26 $34 $42 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.
Suppose the market for a certain good is perfectly competitive and the demand is given by P=1000-Q and the supply is given by P=Q. The market is currently in equilibrium. What are the producer surplus and consumer surplus, respectively? $1250 and $1250 $2500 and $2500 $2500 and $1250 $1250 and $2500
When the typical seller in a market has economic profits, then: new sellers will enter the market. the number of sellers will remain steady. some sellers will exit the market. the market will disappear.
Questions 5-9: Mary owns a cookie shop. One day, she decides to have a customer appreciation day and gives away 12 cookies. She begins to charge later in the evening. If she charges the customer $1, she will sell 9 cookies. If she charges $2, she will only sell 6 cookies. 5. Complete the demand schedule below. P (S) Qd 0 12 $1 9 $2 6 $3 $4 6. What is happening between the price and the number of cookies customers want? As the price increases, the quantity demanded decreases. 7. Draw the demand curve below: Do not forget everything that must be labeled.. P Q
Torsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of flour falls from $32 to $25, what is the change in Torsten's surplus? Flour can be bought in integer values only. Enter a number only, drop the $ sign. Include a negative sign if surplus decreases. Bags of flour MWTP 1 $48 2 $41 3 $38 4 $27 5 $16 6 $14 7 $7
Producer surplus is the difference between the price the firm would be willing to sell its food for and the price the firm actually receives. True or false
You are considering subscribing to ESPN+. You are willing to pay up to $66 per year for a subscription. The current annual price is $9. Calculate your consumer surplus under these circumstances.

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