Suppose you are willing to pay $7 for a box of organic raspberries. You have bought two boxes at $5.99 per box at a farmers' market. The lowest price the seller would accept is $4.50 a box. As a result of this transaction, you've gained $____and the seller has gained $____ 8. What will happen to the equilibrium price of sugar as a result of the following events? The price of natural gas, which
4. Suppose you are willing to pay $7 for a box of organic raspberries. You have bought two boxes at $5.99 per box at a farmers' market. The lowest price the seller would accept is $4.50 a box. As a result of this transaction, you've gained $____and the seller has gained $____
8. What will happen to the
- The price of natural gas, which is used to power sugar factories, rises
- More people become aware of the health risks associated with sugar consumption
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It will rise. |
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It may rise, fall, or remain unchanged. |
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It will remain unchanged. |
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It will fall. |
20. Pierre makes picture frames. From the consumers' perspective, his frames are not different from those offered by other sellers. The going market price of a typical frame is $24. Pierre has determined that his marginal cost equals this price when he produces 12 frames per day and his total variable cost of producing this output is $182. Pierre's total fixed cost is $200. In this situation, Pierre should.
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Produce 11 frames |
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Produce 13 frames |
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Shut down |
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Produce 12 frames |
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