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 Rajiv: $25 Kevin: $40 Maria: $35 Simone: $10 Each firm has the capacity to produce only one haircut. For efficiency, D Which businesses should cut hair? Check all that apply. Firm A Firm B Firm C should be given. Firm D Firms' Costs Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10

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 Rajiv: $25 Kevin: $40 Maria: $35 Simone: $10 Each firm has the capacity to produce only one haircut. For efficiency, D Which businesses should cut hair? Check all that apply. Firm A Firm B Firm C should be given. Firm D Firms' Costs Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
Rajiv:
$25
Kevin: $40
Maria: $35
Simone: $10
Each firm has the capacity to produce only one haircut.
For efficiency,
Which businesses should cut hair? Check all that apply.
U
Firm A
Firm B
Firm C
should be given.
Firm D
Firms' Costs
Firm A: $15
Firm B: $30
Firm C: $20
Firm D: $10

Which consumers should have their hair cut? Check all that apply.
Kevin
Maria
Rajiv
Simone
The maximum possible total surplus is

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