(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread.ConsumerMaximum willingness to payfor Lembas breadFrodo$11.65SamMaryPippin17.9912.9916.75If the market price for bread is $12.00, what is the total consumer surplius in this market? Do not include dollar sign in your answer.11.38

Consumer surplus is the difference between what consumer is willing to pay for all the units…

(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread. Maximum willingness to pay for Lembas bread $11.65 Consumer Frodo Sam Mary Pippin 17.99 12.99 16.75 If the market price for bread is $12.00, what is the total consumer surplus in this market? Do not include dollar sign in your answer.

(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread. Maximum willingness to pay for Lembas bread $11.65 Consumer Frodo Sam Mary Pippin 17.99 12.99 16.75 If the market price for bread is $12.00, what is the total consumer surplus in this market? Do not include dollar sign in your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Suppose the market for apples are shown in the graph below, Calculate Consumer surplus _____________ and Producers Surplus _________________.
Price ($) 42 29 20 11 A B G 6 C H N DIE I 11 I K 16 S D If price is set at $11 in the market shown in the graph, consumer surplus will consist of areas: O Quantity
16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)
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Question 29 Describe where producer surplus is on the graph (use words or you can also draw and attach a drawing or photo of a drawing).
1. The market price is $________ per bottle.2. The equilibrium quantity is ________ bottles.3. The price at which suppliers will not put any bottles on the market is $_______.4. What is the consumers’ surplus in the market at equilibrium $________ (assume the demand curve starts at $38)5. What is the producers’ surplus in this market at equilibrium $_______
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1. The demand and supply of apartments in Vancouver are given by (Demand) P = 1200 – 2Q and (Supply) P = 2Q. (a) Find the equilibrium price P * and quantity Q* . Compute the consumer surplus and producer surplus.
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