Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and Franklin) below to construct a stepped demand and supply diagram like this one from my notes on Unit 87. (Youtl also have one question to answer below.) Willingness-To-Pay information "willingness-to-pay for the 1 widget willingness-to-pay for the 2 widget willingness-to-pay for the 3 widget "willingness-to-pay for the 4 widget willingness-to-pay for the 5th widget ૩s://g "Willingness-To-Accept information willingness-to-accept for the 1" widget $1 willingness-to-accept for the 2 widget $2 "willingness-to-accept for the 3 widget 54 "willingness-to-accept for the 4 "willingness-to-accept for the widget 50 widget 37 Bridget Connie $10 50 $7 Answer: 29 58 36 56 54 54 $2 $3 Daniel Etienne Franklin $2 $3 $5 $5 p9 $7 59 $12 $7 58 $11 Note that there are multiple versions of these tables, so if you submit and then try again, you may get an entirely different table (to create the curves, you'll first need to create the demand and supply schedules as I did in my notes on Unit #7 Once you've got the demand and supply schedules, you can refer to this tutorial to see how to construct the curves.) Draw by hand, or use a software program, to create the demand and supply schedules based on these tables. Then, use the Assessment called "GA: Consumer and Producer Surplus-- PART 2 to upload your drawing. Note that these tables will not show up in that Assessment; it is simply there so you have somewhere to upload the drawing. Your drawing should have the following things clearly labeled: the demand curve, the supply curve, the area of consumer surplus, and the area of producer surplus. So here's the question you have to answer before you submit this part: What's the dollar value of the total surplus (consumer surplus plus producer surplus)?
Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and Franklin) below to construct a stepped demand and supply diagram like this one from my notes on Unit 87. (Youtl also have one question to answer below.) Willingness-To-Pay information "willingness-to-pay for the 1 widget willingness-to-pay for the 2 widget willingness-to-pay for the 3 widget "willingness-to-pay for the 4 widget willingness-to-pay for the 5th widget ૩s://g "Willingness-To-Accept information willingness-to-accept for the 1" widget $1 willingness-to-accept for the 2 widget $2 "willingness-to-accept for the 3 widget 54 "willingness-to-accept for the 4 "willingness-to-accept for the widget 50 widget 37 Bridget Connie $10 50 $7 Answer: 29 58 36 56 54 54 $2 $3 Daniel Etienne Franklin $2 $3 $5 $5 p9 $7 59 $12 $7 58 $11 Note that there are multiple versions of these tables, so if you submit and then try again, you may get an entirely different table (to create the curves, you'll first need to create the demand and supply schedules as I did in my notes on Unit #7 Once you've got the demand and supply schedules, you can refer to this tutorial to see how to construct the curves.) Draw by hand, or use a software program, to create the demand and supply schedules based on these tables. Then, use the Assessment called "GA: Consumer and Producer Surplus-- PART 2 to upload your drawing. Note that these tables will not show up in that Assessment; it is simply there so you have somewhere to upload the drawing. Your drawing should have the following things clearly labeled: the demand curve, the supply curve, the area of consumer surplus, and the area of producer surplus. So here's the question you have to answer before you submit this part: What's the dollar value of the total surplus (consumer surplus plus producer surplus)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:Use the willingness-to-pay information about the buyers (Ariel, Bridget, and Connie) and the willingness-to-accept information about the sellers (Daniel, Etienne, and Franklin) below to construct a "stepped" demand and supply diagram like this one from my notes on Unit #7. (You'll also have one question to answer below.)
Willingness-To-Pay information
willingness-to-pay for the 1st widget
willingness-to-pay for the 2nd widget
willingness-to-pay for the 3rd widget
willingness-to-pay for the 4th widget
willingness-to-pay for the 5th widget
Ariel
$6
$5
$3
$2
$1
Willingness-To-Accept information
Daniel
willingness-to-accept for the 1st widget $1
willingness-to-accept for the 2nd widget $2
willingness-to-accept for the 3rd widget $4
willingness-to-accept for the 4th widget $7
willingness-to-accept for the 5th widget $8
Answer: 29
Bridget Connie
$10 $8
$8
$7
$6
$6
$4
$4
$2
$3
Etienne Franklin
$2
$5
$7
$8
$11
$3
$5
$7
$9
$12
Note that there are multiple versions of these tables, so if you submit and then try again, you may get an entirely different table.
(To create the curves, you'll first need to create the demand and supply schedules as I did in my notes on Unit # 7. Once you've got the demand and supply schedules, you can refer to this tutorial to see how to construct the curves.)
Draw by hand, or use a software program, to create the demand and supply schedules based on these tables. Then, use the Assessment called "GA: Consumer and Producer Surplus - PART 2" to upload your drawing. Note that these tables will not show up in that Assessment; it is simply there so you have somewhere to upload the drawing.
Your drawing should have the following things clearly labeled: the demand curve, the supply curve, the area of consumer surplus, and the area of producer surplus.
So here's the question you have to answer before you submit this part:
What's the dollar value of the total surplus (consumer surplus plus producer surplus)?
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