Here the maximum willingness to pay for a customer is more than 4.5 for 4 consumers only, so only those people will buy .
The consumer surplus will be 10+8+6+5-4.5x4=29-18=11
So B will be the answer.
The table below gives the quantity purchased by an individual at various prices. Price Qd What...
The table below gives the quantity purchased by an individual at various prices $6 Price $10 $8 $5 $4 $3 $2 Qd 2 7 What is the consumer surplus for this individual if the market price is $4.50? C) $11.50 A) 10 B) $11 D) S12 E) None of the above
Qd = 600 – P Qs = 2P a. Calculate equilibrium price and quantity b. Determine the value for consumer surplus at equilibrium c. Determine the value for producer surplus at equilibrium d. At what range of prices could a binding price ceiling be enforced?
1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
Part 2 The demand function for Product X is Qd = 100 – 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units). Part 1What are the equilibrium price and quantity? (3 points)What is the consumer surplus in the market for Product X? (2 points)What is the producer surplus in the market...
Table 2: Market Quantity Supplied and Demanded Data for Good X Market Quantity Quantity Prices | Supplied Demanded P) (O) (od S4.00 4 10 $5.00 6 8 S6.00 $7.00 10 $8.00 12 Exhibit 2.4: Fim X's Points of Production on Iis PPF Points ABCD Capital Goods (K) 30,00 27.00 21.00 12.000.00 Consumption Goods (C) 0.00 10.00 20.00 | 30.00 40.00 4) Refer to Exhibit 2-4. In moving production allocations from points D to B on the Production Possibilities Frontier or...
The table gives the demand schedules for train travel for Ann, Beth, and Cy. What is each traveller's consumer surplus when the price is $4 a kilometre? Price (dollars per kilometre) Quantity demanded (kilometres) Ann Beth What is the market consumer surplus when the price is $4 a kilometre? >>> Answer to 2 decimal places. When the price is $4 a kilometre, Ann's consumer surplus is $1. LOOOO When the price is $4 a kilometre, Beth's consumer surplus is $N....
et for French Fries 10 pts Shortage Price $0.00 0.50 Qd 100 80 1.0060 Qs 10 20 40 What if the price increased to $1.00 Answer Price d s Market Question What price as a consumer would you want to pay?.50 .50 ,50 150 40 60What ultimately would need to happen? Surplus 2.00 2.50 20 80 If you were the supplier, at what price do you $2.50 2.50 10 want to sell coffee for? What if the price decreased to...
The equilibrium price for a product traded in a competitive market is $4 and equilibrium quantity is 10 million units. The cost of producing the the 5th unit of the product is $1 and a consumer is willing to pay $6 for the 5th unit of the product. The consumer surplus for the 5th unit of the product is __________ and the producer surplus for the 5th unit of output is ___________. A. $6; $4 B. $4; $6 C. $4;...
Need help please ! Market Table for: DryBar styling appts ar Price: Qd $151,200 $35 1,000 Qs: 500 650 700 750 1,000 1,200 900 750 550 $75 $95 $115400 Using the Table above: 9. What is the Equilibrium (agreement) Quantity sold to buyers in the market? 10. What is the Equilibrium Price in the market? 4 pts) 11. Write a short example showing buyer- seller agreement & market equilibrium: 1st, select a good or a service being traded - then,...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...