there are 4 consumers willing to pay the following amountd a-7 b-2 c-8 d-5 there are 4 haircutting firms with the following cost e-3 f-6 g-4 h-2 each firm has a capacity to produce only one haircut. for efficiency, how many haircuts should be given? which business should cut hair cut ?how large is the maximum possible total surplus? explain with diagram
there are 4 consumers willing to pay the following amountd a-7 b-2 c-8 d-5 there are 4 haircutting firms with the following cost e-3 f-6 g-4 h-2 each firm has a capacity to produce only one haircut. for efficiency, how many haircuts should be given? which business should cut hair cut ?how large is the maximum possible total surplus? explain with diagram
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 8PA
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there are 4 consumers willing to pay the following amountd
a-7 b-2 c-8 d-5
there are 4 haircutting firms with the following cost
e-3 f-6 g-4 h-2
each firm has a capacity to produce only one haircut. for efficiency, how many haircuts should be given? which business should cut hair cut ?how large is the maximum possible total surplus? explain with diagram
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