There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following cost Consumers' Willingness to Pay Firms' Costs Raphael: $45 Firm A: $40 Alex: $25 Firm B: $20 Вecky: $15 Firm C: $10 Susan: $35 Firm D: $30 Each firm has the capacity to produce only one haircut. For efficiency, should be given. Which businesses should cut hair? Check all that apply. O Firm A O Firm B O Firm C
There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following cost Consumers' Willingness to Pay Firms' Costs Raphael: $45 Firm A: $40 Alex: $25 Firm B: $20 Вecky: $15 Firm C: $10 Susan: $35 Firm D: $30 Each firm has the capacity to produce only one haircut. For efficiency, should be given. Which businesses should cut hair? Check all that apply. O Firm A O Firm B O Firm C
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Which consumers should have their hair cut? Check all that apply.
Alex
Вecky
Raphael
Susan
The maximum possible total surplus is $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F275f8c68-59ce-49bc-bb43-e31cfd76911c%2F07ce3dbf-a812-45f0-8da6-63bc9b44b316%2F1q9zqjl_processed.png&w=3840&q=75)
Transcribed Image Text:Which consumers should have their hair cut? Check all that apply.
Alex
Вecky
Raphael
Susan
The maximum possible total surplus is $
![8. Problems and Applications Q8
There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs:
Consumers' Willingness to Pay
Firms' Costs
Raphael: $45
Firm A: $40
Alex:
$25
Firm B: $20
Вecky:
$15
Firm C: $10
Susan:
$35
Firm D: $30
Each firm has the capacity to produce only one haircut.
For efficiency,
should be given.
Which businesses should cut hair? Check all that apply.
Firm A
Firm B
Firm C
Firm D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F275f8c68-59ce-49bc-bb43-e31cfd76911c%2F07ce3dbf-a812-45f0-8da6-63bc9b44b316%2Fo1yew4m_processed.png&w=3840&q=75)
Transcribed Image Text:8. Problems and Applications Q8
There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs:
Consumers' Willingness to Pay
Firms' Costs
Raphael: $45
Firm A: $40
Alex:
$25
Firm B: $20
Вecky:
$15
Firm C: $10
Susan:
$35
Firm D: $30
Each firm has the capacity to produce only one haircut.
For efficiency,
should be given.
Which businesses should cut hair? Check all that apply.
Firm A
Firm B
Firm C
Firm D
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