Suppose four people are each interested in buying a mango smoothie. Consumer Willingness to pay Mark...
Suppose four people are each interested in buying a mango smoothie. Consumer Willingness to pay Mark $7 Mary $6 Mike $5 Mitch $4 a. If the price of the mango smoothie is $4.5: What is the consumer surplus of each of the people? What is the total consumer surplus in this market b. If the price of the mango smoothie drops to is $3.5: What is the consumer surplus of each of the people? What is the total consumer surplus in this market
Homework Answers
Add Answer to:
Suppose four people are each interested in buying a mango
smoothie. Consumer Willingness to pay Mark...
The only four consumers in a market have the following willingness to pay for a goou:...
The only four consumers in a market have the following willingness to pay for a goou: Buyer Willingness to Pay Carlos $15 bulana S25 Wilbur $35 Ming-la $45 a. If the market price for the good is $20, who will purchase the good? b. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, how much will the good will sell for and who will likely buy...
The table below displays the willingness to pay of four people for tickets to the St....
The table below displays the willingness to pay of four people for tickets to the St. Louis Cardinals NLCS Series. Additionally, the St. Louis Cardinals face a constant marginal cost of $8 to sell the tickets. If the firm practiced perfect price discrimination it would sell tickets and its total revenues from the units that the firm decides to sell would equal dollars. Willingness to pay of Demand in Market for NLCS St. Louis Cardinals Ticket Marginal Cost Person's Name...
1. Below is the marginal willingness to pay of a consumer for organic apples. 2.00 1.20...
1. Below is the marginal willingness to pay of a consumer for organic apples. 2.00 1.20 1.00 0.80 0.50 0.30 What is the individual's total willingness to pay at a consumption level of 4 apples? a. 2. The market demand for a commodity is made up by two consumers, Ants and Birgit. Their individual demand schedules are depicted in the table. Fill in the empty column and draw the demand schedule. Price Quantity demanded Quantity demanded Market demand in euro...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of shoes: The first is willing to pay up to $11.00 for a pair of shoes; the second, up to $8.00; the third, up to $6.00; and the fourth, up to $4.00 Also suppose there are three people interested in selling a pair of shoes: The first is willing to sell for as little as $10.00 for a pair of shoes; the second, as little...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of shoes: The first is willing to pay up to $11.00 for a pair of shoes; the second, up to $8.00; the third, up to $6.00; and the fourth, up to $4.00 Also suppose there are three people interested in selling a pair of shoes: The first is willing to sell for as little as $10.00 for a pair of shoes; the second, as little...
2. Individual demand and consumer surplus Consider the market for yachts. The market price of each...
2. Individual demand and consumer surplus Consider the market for yachts. The market price of each yacht is $140,000, and each buyer demands no more than one yacht. Suppose that Bob is the only consumer in the yacht market. His willingness to pay for a yacht is $245,000. Based on Bob's willingness to pay, the following graph shows his demand curve for yachts. Shade the area representing Bob's consumer surplus using the green rectangle (triangle symbols). Bob's Demand Bob's Consumer...
2. Individual demand and consumer surplus Consider the market for yachts. The market price of each...
2. Individual demand and consumer surplus
Consider the market for yachts. The market price of each yacht
is $350,000, and each buyer demands no more than one yacht.
Suppose that Sam is the only consumer in the yacht market. His
willingness to pay for a yacht is $560,000. Based on Sam's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Sam's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer,...
Individual demand and consumer surplus Consider the market for yachts. The market price of each yacht...
Individual demand and consumer surplus
Consider the market for yachts. The market price of each yacht
is $180,000, and each buyer demands no more than one yacht.
Suppose that Clancy is the only consumer in the yacht market.
His willingness to pay for a yacht is $315,000. Based on Clancy's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Clancy's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer, Eileen,...
Question6 10 pts Suppose there are two people, with their willingness to pay for a good...
Question6 10 pts Suppose there are two people, with their willingness to pay for a good given by WTP1 10- 2Q and WTP2 5- Q/2. If the good in question is a private good, what is the aggregate demand for these two people? 。WTP-10-2Q for 0 Q < 2.5 and WTP 6-20/5 otherwise. O WTP = 10-2Q for 0 s Q < 5 and WTP = 6-20/5 otherwise. 。WTP-15-SQ/2 for 0 Q < 2.5 and WTP-5-Q/2 otherwise. ·WTP = 15-5Q/2...
For each of three potential buyers of oranges, the table displays the willingness to pay for...
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. First Orange Second Orange Third Orange Allison $2.00 $1.50 $0.75 Bob $1.50 $1.00 $0.60 Charisse $0.75 $0.25 $0 Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of...
The only four consumers in a market have the following willingness to pay for a goou: Buyer Willingness to Pay Carlos $15 bulana S25 Wilbur $35 Ming-la $45 a. If the market price for the good is $20, who will purchase the good? b. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, how much will the good will sell for and who will likely buy...
The table below displays the willingness to pay of four people for tickets to the St. Louis Cardinals NLCS Series. Additionally, the St. Louis Cardinals face a constant marginal cost of $8 to sell the tickets. If the firm practiced perfect price discrimination it would sell tickets and its total revenues from the units that the firm decides to sell would equal dollars. Willingness to pay of Demand in Market for NLCS St. Louis Cardinals Ticket Marginal Cost Person's Name...
1. Below is the marginal willingness to pay of a consumer for organic apples. 2.00 1.20 1.00 0.80 0.50 0.30 What is the individual's total willingness to pay at a consumption level of 4 apples? a. 2. The market demand for a commodity is made up by two consumers, Ants and Birgit. Their individual demand schedules are depicted in the table. Fill in the empty column and draw the demand schedule. Price Quantity demanded Quantity demanded Market demand in euro...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of shoes: The first is willing to pay up to $11.00 for a pair of shoes; the second, up to $8.00; the third, up to $6.00; and the fourth, up to $4.00 Also suppose there are three people interested in selling a pair of shoes: The first is willing to sell for as little as $10.00 for a pair of shoes; the second, as little...
A.1 Market Equilibrium Question 2: Suppose there are four people interested in buying a pair of shoes: The first is willing to pay up to $11.00 for a pair of shoes; the second, up to $8.00; the third, up to $6.00; and the fourth, up to $4.00 Also suppose there are three people interested in selling a pair of shoes: The first is willing to sell for as little as $10.00 for a pair of shoes; the second, as little...
2. Individual demand and consumer surplus Consider the market for yachts. The market price of each yacht is $140,000, and each buyer demands no more than one yacht. Suppose that Bob is the only consumer in the yacht market. His willingness to pay for a yacht is $245,000. Based on Bob's willingness to pay, the following graph shows his demand curve for yachts. Shade the area representing Bob's consumer surplus using the green rectangle (triangle symbols). Bob's Demand Bob's Consumer...
2. Individual demand and consumer surplus
Consider the market for yachts. The market price of each yacht
is $350,000, and each buyer demands no more than one yacht.
Suppose that Sam is the only consumer in the yacht market. His
willingness to pay for a yacht is $560,000. Based on Sam's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Sam's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer,...
Individual demand and consumer surplus
Consider the market for yachts. The market price of each yacht
is $180,000, and each buyer demands no more than one yacht.
Suppose that Clancy is the only consumer in the yacht market.
His willingness to pay for a yacht is $315,000. Based on Clancy's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Clancy's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer, Eileen,...
Question6 10 pts Suppose there are two people, with their willingness to pay for a good given by WTP1 10- 2Q and WTP2 5- Q/2. If the good in question is a private good, what is the aggregate demand for these two people? 。WTP-10-2Q for 0 Q < 2.5 and WTP 6-20/5 otherwise. O WTP = 10-2Q for 0 s Q < 5 and WTP = 6-20/5 otherwise. 。WTP-15-SQ/2 for 0 Q < 2.5 and WTP-5-Q/2 otherwise. ·WTP = 15-5Q/2...
Most questions answered within 3 hours.
-
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 1 hour ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 3 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 2 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 2 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 3 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 3 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 4 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 4 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 4 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 5 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 5 hours ago