Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 4, Problem 3P
To determine
(a)
To determine
(b)
Maximum admission fee
To determine
(c)
Consumer Surplus
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Students have asked these similar questions
The 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?
Suppose that the price of a ride is $12. Then Angela buys 8 rides a month. Suppose her demand curve is P = 40 - 2Q. Then how much is her consumer surplus in a month?
(Note: 1) If your answer is a whole number, then there is no need to round to 2 decimal places. 2) If your answer is "200 dollars", please key in 200 directly without any units or dollar sign.)
Suppose a consumer is willing to buy a book for $50, but the actual price of the book in the market is $30.
What is the consumer surplus in this case?
If the price of the book increases to $40, what would be the new consumer surplus?
Chapter 4 Solutions
Essentials of Economics
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- The attached figure shows Rosa's demand for ice cream. If the price of ice cream were $2 per litre, then Rosa's consumer surplus for the 4th litre: (a) Is greater than the surplus for the 8th litre. b) Is the same as the surplus on the 8th litre. c) Is less than the surplus on the 8th litre d) It could be greater than, equal to or less than the surplus of the 8th litre. Note: Please make your calculations to get the correct answerarrow_forwardThe cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?arrow_forward3.00 0.10 q 20 Figure 9.6 shows an individual's demand curve for time per month spent telecommunicating while driving (talking on the car phone.) A car phone is useless except for talking with somebody who is not in the car. If calls are priced at ten cents per minute, what is the consumer surplus derived from talking? What is the most this person would pay for the car phone? Explain.arrow_forward
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