Time left 0:36:13The table below shows the willingness to pay for a good for four consumers in a marketConsumer Willingness to Pay$80of$65C$45D.$30If the price of the good is $50, what is the total consumer surplus?Select one:a. $25b. $45C. $20d. $65Next pagevious pageOCTtv田1,53223

Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

Answered: Time left 0:36:13 The table below shows…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Use the following graph to answer the following question: Price ($) 40 25 15 8. 5n Quantity 15 25 50 75 100 200 Refer to the graph above. Suppose that the government imposes a price floor at $15. As a result, the market will experience OAsurplus of 50 units OA surplus of 25 units O No surplus or shortage O A shortage of 50 units
Price ($) 42 29 20 11 A B G 6 C H N DIE I 11 I K 16 S D If price is set at $11 in the market shown in the graph, consumer surplus will consist of areas: O Quantity
Figure 4-4 Price (dollars per pound) $9 6 3 4,000 8,000 12,000 Supply Demand Quantity (pounds) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000 pounds of pecans are sold, O consumer surplus equals zero. O the marginal benefit of each of the 4,000 pounds of pecans equals $3. O the deadweight loss is equal to $12,000. O marginal benefit is equal to marginal cost.
3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meade, a small town located in Kansas. The Meade market price of a motor scooter is given by the horizontal black line at $80. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $80. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per motor scooter) 160 140 120 Dmitri Frances Jake 100 80 60 40 20 Dmitri Frances Market Price…
6. The price of the good in the graph below is $5 per unit. Calculate the producers' surplus using the information in Figure 3.3. P $5.00 $3.25 $2.50 11 22 35 S Q
QUESTION 32 Price 100 75 50 18.5 19.25 20 More ofbarels per day Suppose the graph above accurately depicts the daily US demand curve for oil and that an increase in supply causes the price of oil to fall from $100 to $50 a barrel, what is the change in the daily consumer surplus? a. $925 million b. $37.5 million c. $1.85 billion d. $962.5 million QUESTION 33
Price $6 5 4 3 2 1 D 10 20 30 40 50 60 Quantity If the price of the good increases from $3 to $4, consumer surplus will decrease by: a. $15 b. $25 c. $20 d. $5 X e. $10
K Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $175,000. How large will the resulting surplus be? At a price of $175,000, there will be (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $ whole number.) surplus houses. (Enter your response as a C... Price ($1000s) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- 0- 0 200 600 400 800 Quantity (houses) Supply Deman 1000 1

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Time left 0:36:13 The table below shows the willingness to pay for a good for four consumers in a market Consumer Willingness to Pay A $80 $65 C $45 $30 If the price of the good is $50, what is the total consumer surplus? Select one: Oa. $25 O b. $45 O c. $20 d. $65