PRICE (Dollars per bowl) 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 Demand Price 02 4 8 10 12 14 QUANTITY (burrito bowls) 6 16 18 20 From the previous graph, you can tell that Tim is willing to pay $ bowl, the consumer surplus he gains from the 6th burrito bowl is $ for his 6th burrito bowl each week. Because he has to pay only $2.25 Suppose the price of burrito bowls were to fall to $1.50 per bowl. At this lower price, Tim would receive a consumer surplus of $ 6th burrito bowl he buys. from t

PRICE (Dollars per bowl) 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 Demand Price 02 4 8 10 12 14 QUANTITY (burrito bowls) 6 16 18 20 From the previous graph, you can tell that Tim is willing to pay $ bowl, the consumer surplus he gains from the 6th burrito bowl is $ for his 6th burrito bowl each week. Because he has to pay only $2.25 Suppose the price of burrito bowls were to fall to $1.50 per bowl. At this lower price, Tim would receive a consumer surplus of $ 6th burrito bowl he buys. from t

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Individual and market demand Suppose that Dmitri and Frances represent the only two consumers of jeans in some hypothetical market. The following table presents their annual demand schedules for jeans: Price (Dollars per pair) 22222 10 20 30 40 50 Dmitri's Quantity Demanded Frances's Quantity Demanded (Pairs) (Pairs) 32 64 48 32 24 16 20 12 On the following graph, plot Dmitri's demand for jeans using the green points (triangle symbol). Next, plot Frances's demand for jeans using the purple points (diamond symbol), Finally, plot the market demand for jeans using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right
2. Individual and market demand Suppose that Edison and Hilary are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price Edison's Quantity Demanded Hilary's Quantity Demanded (Dollars per pair) (Pairs) (Pairs) 10 32 64 20 24 48 30 16 32 40 24 50 16 On the following graph, plot Edison's demand for shoes using the green points (triangle symbol). Next, plot Hilary's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). 60 50 Edison's Demand 40 Hilary's Demand 30 2) (ned sad sie
I cant seem to remeber the formula to use to fill out S2 and D2
(Figure: Determining Surplus 3) In the graph, consumer surplus is equal to P. 22 16 2. 20 O $6. O$60. O $20. O $14.
6 . Consumer Surplus Ana 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 $_______. If the price of the iPhone had been $370, her consumer surplus would have been $_________.
3. Individual and market demand Suppose that Hubert and Kate are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price (Dollars per slice) 1 2 3 4 5 Hubert's Quantity Demanded (Slices) 8 5 3 1 0 Kate's Quantity Demanded (Slices) 16 12 8 4 2 On the following graph, plot Hubert's demand for pizza slices using the green points (triangle symbol). Next, plot Kate's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.
2) The diagram below represents the market for battery packs. If the price were currently at $28/pack there would be a: Group of answer choices surplus of 4 battery packs surplus of 20 battery packs shortage of 4 battery packs shortage of of 20 battery packs
3. Suppose Tyra's maximum willingness to pay for a pair of shoes is $60. The price of the shoes is $45. What is her consumer surplus in this example? a) $105 b) $60 c) $45 d) $15 e) $5
3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meade, a small town located in Kansas. The Meade market price of a motor scooter is given by the horizontal black line at $80. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $80. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per motor scooter) 160 140 120 Dmitri Frances Jake 100 80 60 40 20 Dmitri Frances Market Price…
Veek 2 Test Ch. 3-4 PRICE (Dollars per mac 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 + Price Supply 02 4 6 A 8 10 12 14 16 18 20 22 24 QUANTITY (Macaroons) Using the previous graph, you can determine that Antonio is willing to supply his 6th weekly macaroon for $ macaroon, the producer surplus earned from supplying the 6th macaroon is $ Since he receives $2.25 per Suppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Antonio would receive a producer surplus of $ from the 6th macaroon he sells.
18. Just give the letter answer please!!! Refer to the board. At the equilibrium price, the consumer's surplus would be • a) $o b) $ 8 • c) $ 12 • d) $16
6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $420, her consumer surplus would have been S