The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in Eldham's piano market are given in the table below. Each buyer only buys one unit of the good, if they buy at all. Each seller only sells one unit of the good, if they sell at all. What is Total Surplus in the piano market? Enter a number only. Do not enter the $ sign. Hints: (1) Trades in a market are voluntary, think about what trades could take place. (2) Do you really need price to find Total Surplus?

The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in Eldham's piano market are given in the table below. Each buyer only buys one unit of the good, if they buy at all. Each seller only sells one unit of the good, if they sell at all. What is Total Surplus in the piano market? Enter a number only. Do not enter the $ sign. Hints: (1) Trades in a market are voluntary, think about what trades could take place. (2) Do you really need price to find Total Surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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