The market demand in the perfectly competitive market for Ramen noodle bowls is Q=270-5P. Suppose market price is $9.5. Consider the people who bought the goods at this price. What is the minimum value of their Marginal Willingness to Pay for the goods they bought? Enter a number only, do not include the $ sign.

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The market demand in the perfectly competitive market for Ramen noodle bowls is Q=270-5P.
Suppose market price is $9.5. Consider the people who bought the goods at this price. What is the
minimum value of their Marginal Willingness to Pay for the goods they bought? Enter a number only,
do not include the $ sign.
Answered
0.18
rect Answer
9.5
Consumers will buy the good as long as their marginal willingness to pay for the extra good >
= the price they pay for the good. If their MWTP is higher than the price they would get
surplus, but the lowest MWTP can be is equal to the price. Notice that you buy the good even
if marginal willingness to pay is = to the price.
Transcribed Image Text:The market demand in the perfectly competitive market for Ramen noodle bowls is Q=270-5P. Suppose market price is $9.5. Consider the people who bought the goods at this price. What is the minimum value of their Marginal Willingness to Pay for the goods they bought? Enter a number only, do not include the $ sign. Answered 0.18 rect Answer 9.5 Consumers will buy the good as long as their marginal willingness to pay for the extra good > = the price they pay for the good. If their MWTP is higher than the price they would get surplus, but the lowest MWTP can be is equal to the price. Notice that you buy the good even if marginal willingness to pay is = to the price.
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