The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- 16.00- Draw a point that shows the value of the 30th wallet. Label it 1. 14.00- Draw a point that shows the willingness to pay for the 45th wallet. Label it 2. 12.00- Draw an arrow that shows the consumer surplus on the 45th wallet. Label it CS. 10.00- 8.00- What is the consumer surplus on the 45th wallet? 6.00 Market The consumer surplus on the 45th wallet is $. price 4.00- >>> Answer to 2 decimal places. 2.00- 0.00- 15 30 45 60 75 90 105 Quantity (wallets per day)

The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- 16.00- Draw a point that shows the value of the 30th wallet. Label it 1. 14.00- Draw a point that shows the willingness to pay for the 45th wallet. Label it 2. 12.00- Draw an arrow that shows the consumer surplus on the 45th wallet. Label it CS. 10.00- 8.00- What is the consumer surplus on the 45th wallet? 6.00 Market The consumer surplus on the 45th wallet is $. price 4.00- >>> Answer to 2 decimal places. 2.00- 0.00- 15 30 45 60 75 90 105 Quantity (wallets per day)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Below is the market for organic strawberries. Shade total consumer surplus (CS) on the graph by correctly placing the CS shaded area. Price Quantity D CS
The table shows the demand and supply schedules for hamburgers. If the quantity demanded of hamburgers decreases by 40 per hour at each price, the new price of a hamburger is $ Total surplus by $
Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $
The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per phone) 300 270 240 210 180 150 60 30 0 0 Demand Supply 20 80 100 120 140 160 180 200 40 60 QUANTITY (Millions of phones) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer Surplus ?
Which of the following would lead to the creation of some consumer surplus? Sam refuses to pay $10 for a haircut because it is only worth $8 to him. Fred buys a car for $4000, the maximum amount that he is willing to pay. Danette pays $30 a month for phone service, but it is worth $70 a month to her. When Florence purchases a candy bar for 50 cents, she uses a $20 bill to pay for it.
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 $_______
The demand schedule for the lobster market is linear. The equilibrium quantity of lobster is 7,363 and the equilibrium price of lobster is $11. the quantity demanded of lobster is 9,139 when the price drops to $5. What is the value of consumers surplus in the lobster market? Enter your answer using 2 decimal places. Round up if the third decimal place is 5 or higher. Do not enter "$" as part of your answer. Omit the units.
The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?
Question 12.12 A surplus of a product will arise when price is above equilibrium with the result that quantity demanded exceeds quantity supplied. above equilibrium with the result that quantity supplied exceeds quantity demanded. below equilibrium with the result that quantity demanded exceeds quantity supplied. below equilibrium with the result that quantity supplied exceeds quantity demanded.
The table below shows Bellamy's demand schedule for tutoring before and after winning the lottery. Use the data provided to answer two questions. Quantity Demanded (Hours per Semester) Price (per Hour) $23 20 18 15 13 10 8 5 Initial Quantity After Increase in Demanded Income 4 12 6 8 10 12 14 16 18 $ Instructions: Enter your responses as a whole number. At what price would Bellamy buy 12 hours of tutoring? a. Without a lottery win. 20 per hour b. With a lottery win. 14 16 18 20 22 24 26 35 per hour
The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Total surplus in this market is _______ million. Complete all problems in attachment.
The city of Cedar Rapids has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.