Valerie buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been 5 If the price of the iPhone had been $450, her consumer surplus would have been s

Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $5.75$5.75. Michelle was willing to pay up to $7.75$7.75 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $2.25$2.25 for the cappuccino. Based on this information, answer the following questions. Michelle's consumer surplus: $     Paul's Cafe and Bakery's producer surplus: $

What is surplus by yanis varoufakis

Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?

Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $6.25. Michelle was willing to pay up to $7.25 for the cappuccino and Paul's Cafe and Bakery was willing to accept $1.25 for the cappuccino. Based on this information, answer the questions Michelle's consumer surplus: $ Paul's Cafe and Bakery's producer surplus: $

Shana decides to buy a pair of used ripped jeans for $80. She was willing to pay $100. When her friend tanya sees the jeans, she loves them and thinks they are worth $165. So she offers shana $135 for the jeans, and shana accepts. Shana and tanya are both thrilled with the exchange. The total surplus received by both shana and tanya is $ ? Part 2 Suppose that shana purchased the jeans from Maries boutique. Marie and other boutique owners in town are upset that customers like shana buy jeans at their stores, and then resell them for a higher price. Marie and the other owners convince the city government to pass a law preventing such resale. Assuming the law is successful, how much surplus is lost if shana cannot sell the jeans to tanya? $. ?

Marcus buys a tablet for $5,000. What determines the size of consumer surplus Marcus receives? Explain.

only typed answer A consumer has inverse demand of       p=15−1q       for a good and the market price is       ​$4.00.       Calculate consumer surplus and the total value of the good for the corresponding quantity consumed.       Consumer surplus is $enter your response here.       ​(Enter your response rounded to two decimal​ places.)       The​ consumer's expenditure for the good is       ​$enter your response here. ​(Enter your response rounded to two decimal​ places.)

Joe's demand for spring water can be represented as p = 15 - 0.8Q (where p is measured in $/ gallon and Q is measured in gallons). He recently discovered a spring where water can be obtained free of charge. His consumer surplus from this water is Your Answer: Answer

I don't understand the meaning of this sentence. This is the concept that experts say when answering questions. Could you explain that? Why is consumer surplus equal to the utility obtained in consumption? Utility refers to the total amount of satisfaction that derived from the consumption of goods and services. The person's consumer surplus in this case is equal to the utility he derived from the consumption.