Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 3.A, Problem 8SQ
To determine
The
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?
The graph shows the demand curve for wallets and the market price of a wallet.
Price (dollars per wallet)
18.00-
What is the consumer surplus on wallets?
16.00-
What is the total expenditure on wallets?
14.00-
What is the total benefit of wallets?
Market
12.00-
price
....
10.00-
Draw a point that shows the quantity of wallets bought and the price paid.
8.00-
Draw a shape that represents the consumer surplus.
Label it CS.
6.00-
4.00-
Draw a shape that represents total expenditure.
Label it TE.
2.00-
m
0.00-
30
Quantity (wallets per day)
15
45
60
75
90
105
The consumer surplus is $-
As
Total expenditure on wallets is
>>> Draw only the objects specified in the question.
SS
Total benefit of wallets is $
O Time Remaining: 00:54:18
Next
ced
rse (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e
Ryan would be willing to pay $1 for a lollipop. Sarah would be willing to pay $0.50. The price of the lollipop is $0.75.
What is Ryan and Sarah's combined consumer surplus?
a. $0
b. $0.25
c. $0.50
d. $0.75
Can someone please explain to me why the correct answer here is $0.25?
I did the calculations and i keep getting $0
the follwing is my calculations
Chapter 3 Solutions
Economics For Today
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Prob. 9SQCh. 3.A - Prob. 10SQCh. 3.A - Prob. 11SQCh. 3.A - Prob. 12SQCh. 3.A - Prob. 13SQCh. 3.A - Prob. 14SQCh. 3.A - Prob. 15SQCh. 3.A - Prob. 16SQCh. 3.A - Prob. 17SQCh. 3.A - Prob. 18SQCh. 3.A - Prob. 19SQCh. 3.A - Prob. 20SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
Knowledge Booster
Similar questions
- Chris is buying apples. Suppose the price of apples is $1. Chris is willing to pay $5 for the first apple, and $2 for the second apple, and $0.5 for the third apple. What is Chris' consumer surplus? Your Answer: 5 Your Answerarrow_forwardsurplus is the difference between the maximum price a consumer is (or consumers are) willing to pay for a product and the actual [market] price. A. Producer B. Consumer C. Nonearrow_forwardThe demand curve for cookies is downward sloping. When the price of cookies is $3.00, the quantity demanded is 100. If the price falls to $2.00 what happens to consumer surplus?arrow_forward
- Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the consumer surplus? a. 200 b. 400 c. 600 d. 800arrow_forwardThe price of apples that shane buys monthly drops from $8 to $4, the equilibrium quantity is 4. What would be the increase amount of consumer surplus?arrow_forwardThe graph shows the demand curve for haircuts and the market price of a haircut. If the price of a haircut rises from $15 to $20, what is the change in consumer surplus? Consumer surplus decreases by $ 50000 C 30- 25- 20- 15- 10- 5- Price (dollars per haircut) 10 20 30 Quantity (haircuts per day) Market pricearrow_forward
- Determine whether the following statements is true or false, and explain why. The consumers’ surplus and the producers’ surplus equal each other.arrow_forwardThere are six potential consumers of computer games, each willing to buy only one game. The willingness to pay (WTP) of each is shown in the table. Consumer 1 2 3 4 5 6 f WTP $40 3.5 30 25 20 15 a. Suppose the market price is $29. What is the total consumer surplus? b. The market price decreases to $19. What is the total consumer surplus now? 59 Incorrect Incorrect Question Source: Krugman/Wells Se-Microeconomics | Publaher Worarrow_forwardQ20arrow_forward
- For each scenario, decide whether it results in a producer or consumer surplus. Then calculate the resulting surplus. Alice is willing to spend $30$30 on a pair of jeans and has a coupon for $10$10 off. She purchases a pair of jeans that costs $35$35 pre-discount. Alice receives a Alice's surplus: $ Jeff finds steak in the supermarket priced at$16$16 but that he would have been willing to pay $20$20 for. The butcher notices the meat is near the expiration date and gives him an extra 7575% off. Jeff receives a producer surplus. consumer surplus. Jeff's surplus: $ Nicole has a hockey puck from the 2018 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if the winning bid is greater than or equal to $500$500. After the bidding closes, the last bid stands at $501$501. Nicole receives a Nicole's surplus: $arrow_forwardThink about all the goods and services that you consume. Which product gives you the highest consumer surplus? Discuss in detail using the equation of consumer surplusarrow_forwardNeha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is . If she had bought the iPhone on sale for $180, her consumer surplus would have been . If the price of the iPhone had been $500, her consumer surplus would have beenarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc