Homework Answers
26. a
It is maximum amount buyer is willing to pay.
27. a
Consumer surplus = 3500-3000= 500
28. c
Consumer surplus = (300-150) + (250-150) = 250
19. a
Increase in profit= 11-10= 1
20. d
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1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is...
1. 2. 3. 4. 5. 6. Submit when finished answering the R button. Due to this being a web course, only scores will...
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Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
please answer these. Thank you. 29. When a tax is placed on the buyers of coffee,...
please answer these. Thank you.
29. When a tax is placed on the buyers of coffee, the buyers bear the entire burden of the tax b. sellers bear the entire burden of the tax burden of the tax will be always be equally divided between the buyers and the sellers d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal 30. the government wants to reduce...
QUESTION 1 Consumer surplus is the a. value of a good to a consumer. b. amount...
QUESTION 1 Consumer surplus is the a. value of a good to a consumer. b. amount a consumer pays minus the amount the consumer is willing to pay. C. amount of a good consumers get without paying anything. d. amount a consumer is willing to pay minus the amount the consumer actually pays. QUESTION 2 Consumer surplus a. measures the benefit buyers receive from participating in a market b. measures the benefit sellers receive from participating in a market. c....
No 1Heading 2 Normal Place the correct answer for each of the following in the space...
No 1Heading 2 Normal Place the correct answer for each of the following in the space provided Consumer Surplus 1. According to economists, at a price equal to willingness to pay, the buyer would be Indifferent about buying the good (equaly happy buying it or keeping the money). a. True b. False 2. According to economists, which of the following is the best definition of "consumer surplus"? a. the amount a buyer is willing to pay for a good is...
from question no 6 to 10 Use the graph below to answer questions 6 and 7....
from question no 6 to 10
Use the graph below to answer questions 6 and 7. Price S100 Supply - MC $50 6. The 0 100 200 Quantity The minimum price this seller will accept for the 100 unit of output is: SO S50 S100 impossible to determine from the graph. b Producer surplus increases from a $50, S100 b. $5,000 $10,000 to when the price increases from $50 to $100 C $2,500 $10,000 $2.500 $20,000 The difference between the...
1. Suppose a market has only one seller and only one buyer of a good in...
1. Suppose a market has only one seller and only one buyer of a good in the market. The buyer is willing to pay $50 for the good and the seller is willing to accept $15. The market price of the good is determined at $30. If they trade, the social surplus will be ________. A) $15 B) $35 C) $45 D) $65 2. Many industry-wide studies of the elasticity of demand for cigarettes (an industry dominated by a few...
Producer Sis O A. the difference between the lowest price a firm would be willing to...
Producer Sis O A. the difference between the lowest price a firm would be willing to accept and marginal cost O B. the difference between the lowest price a firm would be willing to accept and the price it actually receives OC. the market price multiplied by the number of units sold by a firm OD. the difference between the highest price a consumer is willing to pay and the lowest price film would be willing to accept O E...
QUESTION 1 Please refer to the buyer willingness to pay values provided in the table on...
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
Consumer surplus a. is the amount a buyer pays for a good minus the amount the...
Consumer surplus a. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it. b. is represented on a supply-demand graph by the area below the price and above the demand curve. c. measures the benefit sellers receive from participating in a market. d. measures the benefit buyers receive from participating in a market. B. When a tax is placed on a product, the price paid by buyers a. rises, and...
1. Consumer surplus for an individual buyer is equal to: A) the marginal cost of the...
1. Consumer surplus for an individual buyer is equal to: A) the marginal cost of the good minus the consumer's willingness to pay for the good. he consumer's willingness to pay for the good minus the marginal cost of C) D) producing the good. the price of the good minus the marginal cost of producing the good. the consumer's willingness to pay for the good minus the price of the good. Use the following to answer question 2: Figure: Comparative...
1.
2.
3.
4.
5.
6.
Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
please answer these. Thank you.
29. When a tax is placed on the buyers of coffee, the buyers bear the entire burden of the tax b. sellers bear the entire burden of the tax burden of the tax will be always be equally divided between the buyers and the sellers d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal 30. the government wants to reduce...
QUESTION 1 Consumer surplus is the a. value of a good to a consumer. b. amount a consumer pays minus the amount the consumer is willing to pay. C. amount of a good consumers get without paying anything. d. amount a consumer is willing to pay minus the amount the consumer actually pays. QUESTION 2 Consumer surplus a. measures the benefit buyers receive from participating in a market b. measures the benefit sellers receive from participating in a market. c....
No 1Heading 2 Normal Place the correct answer for each of the following in the space provided Consumer Surplus 1. According to economists, at a price equal to willingness to pay, the buyer would be Indifferent about buying the good (equaly happy buying it or keeping the money). a. True b. False 2. According to economists, which of the following is the best definition of "consumer surplus"? a. the amount a buyer is willing to pay for a good is...
from question no 6 to 10
Use the graph below to answer questions 6 and 7. Price S100 Supply - MC $50 6. The 0 100 200 Quantity The minimum price this seller will accept for the 100 unit of output is: SO S50 S100 impossible to determine from the graph. b Producer surplus increases from a $50, S100 b. $5,000 $10,000 to when the price increases from $50 to $100 C $2,500 $10,000 $2.500 $20,000 The difference between the...
Producer Sis O A. the difference between the lowest price a firm would be willing to accept and marginal cost O B. the difference between the lowest price a firm would be willing to accept and the price it actually receives OC. the market price multiplied by the number of units sold by a firm OD. the difference between the highest price a consumer is willing to pay and the lowest price film would be willing to accept O E...
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
1. Consumer surplus for an individual buyer is equal to: A) the marginal cost of the good minus the consumer's willingness to pay for the good. he consumer's willingness to pay for the good minus the marginal cost of C) D) producing the good. the price of the good minus the marginal cost of producing the good. the consumer's willingness to pay for the good minus the price of the good. Use the following to answer question 2: Figure: Comparative...
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