Homework Answers
From the given demand curve of both the indiviuals the total willingness to pay is the sum of indivual willingness to pay of the both individuals;
WTP of Elvin: $8
WTP of Almer: $10
Total WTP: $18
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$12 10 Alvin B Quantity $12 10 Quantity Refer to the diagrams, in which figures (a)...
I. (10 points) Individuals A, B and C have the following individual demand curves: QA- 10-P...
I. (10 points) Individuals A, B and C have the following individual demand curves: QA- 10-P O-18-3P Oc -12-5P Make a price quantity chart for each consumer. Then add a column showing the total quantity demanded for a private good. Next show the quantity price chart showing the total demand for a public good. Graph all 4 demand curves on the same graph (see provided graph sheet). If the marginal cost is $4 a unit how many units should be...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original supply and demand curves and $2 and D2 the new curves. In this market increase in demand has been more than offset by an increase in supply point M shows the new equilibrium position. C) the new equilibrium price and quantity are both greater than originally D) the equilibrium position has shifted from M to K 41. Producer surplus is the difference between A)...
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour...
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour traffic. During those times, we would say that these roads are O A nonexcludable and rival O B excludable and rival O C excludable andnonrival O D nonexcludable and nonrival 10 0 Points Question 3 of 10 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42 The minimum acceptable price to the seller, Nathan, was $30...
12. Suppose the demand curve for a product is P = 12 – 0.5Q. Which of...
12. Suppose the demand curve for a product is P = 12 – 0.5Q. Which of the following is accurate? a. The maximum willingness to pay for the 10th unit is $7. b. If the price is $8, the quantity demanded is 4 units. c. The maximum willingness to pay for the 8th unit is $10 . d. If the price is $6, the quantity demanded is 10 units. e. None of the above. Please show detail.
Suppose the demand curve for a product is P=12-.5Q. Which of the following is accurate? 12....
Suppose the demand curve for a product is P=12-.5Q. Which of
the following is accurate?
12. Suppose the demand curve for a product is P 12-0.50. Which of the following is accurate? a. The maximum willingness to pay for the 10th unit is $7. b. If the price is $8, the quantity demanded is 4 units. c. The maximum willingness to pay for the 8th unit is $10. d. If the price is $6, the quantity demanded is 10 units....
a. On the basis of the three individual demand schedules below, and assuming these three determine the collect...
a. On the basis of the three individual demand schedules below, and assuming these three determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as whole numbers Individual #1 Price Qd Individual #2 Price Individual #3 Price Demand Public Good Price Qd PO $8 -NM LINNNIIT II TIT b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Quantity...
which of these statements regarding manufacturing and service firm is true? A. Manufacturers are more spread...
which of these statements regarding manufacturing and service
firm is true?
A. Manufacturers are more spread out around the county than
service fi
On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good. Responses go into the gray shad Instructions: Enter your answers as...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-p...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
Refer to the following table. Imagine there are two cities (City A and City R) and...
Refer to the following table. Imagine there are two cities (City A and City R) and you are the only provider of ice cream sandwiches for both. Use this information to answer the following questions: Maximum Willingness to Pay (MWP) for Ice Cream Sandwiches City A MWP City R MWP Aladdin $16 Richard $15 Alan $12 Ramon $14 Alvin $10 Robert $13 Albert $8 Roger $11 Albus $6 Reginald $4 Note: Unit cost is $7 for each ice cream sandwich....
I. (10 points) Individuals A, B and C have the following individual demand curves: QA- 10-P O-18-3P Oc -12-5P Make a price quantity chart for each consumer. Then add a column showing the total quantity demanded for a private good. Next show the quantity price chart showing the total demand for a public good. Graph all 4 demand curves on the same graph (see provided graph sheet). If the marginal cost is $4 a unit how many units should be...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original supply and demand curves and $2 and D2 the new curves. In this market increase in demand has been more than offset by an increase in supply point M shows the new equilibrium position. C) the new equilibrium price and quantity are both greater than originally D) the equilibrium position has shifted from M to K 41. Producer surplus is the difference between A)...
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour traffic. During those times, we would say that these roads are O A nonexcludable and rival O B excludable and rival O C excludable andnonrival O D nonexcludable and nonrival 10 0 Points Question 3 of 10 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42 The minimum acceptable price to the seller, Nathan, was $30...
Suppose the demand curve for a product is P=12-.5Q. Which of
the following is accurate?
12. Suppose the demand curve for a product is P 12-0.50. Which of the following is accurate? a. The maximum willingness to pay for the 10th unit is $7. b. If the price is $8, the quantity demanded is 4 units. c. The maximum willingness to pay for the 8th unit is $10. d. If the price is $6, the quantity demanded is 10 units....
a. On the basis of the three individual demand schedules below, and assuming these three determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as whole numbers Individual #1 Price Qd Individual #2 Price Individual #3 Price Demand Public Good Price Qd PO $8 -NM LINNNIIT II TIT b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Quantity...
which of these statements regarding manufacturing and service
firm is true?
A. Manufacturers are more spread out around the county than
service fi
On the basis of the three individual demand schedules below, and assuming these three people are the only ones in the society, determine (a) the good is a private good and (b) the collective demand schedule on the assumption that the good is a public good. Responses go into the gray shad Instructions: Enter your answers as...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
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