Homework Answers
(a)
A buyer would be willing to buy a good if his or her willingness to pay for one unit is greater than the priec of good.
The price of good is $10 per unit.
It can be seen that the maximum willingness to pay for one unit is greater than the price of $10 per unit for buyer A, B, C, D, E, F, G, and H.
Thus,
The quantity demanded at a price of $10 is 8 units.
A seller is willing to sell a unit of good if his or her willingness to sell of one unit is less than the price of one unit of good.
The price of one unit of good is $10.
The willingness to sell of one unit of seller, A and B, is less than the price of one unit of good.
So,
The quantity supplied at a price of $10 is 2 units.
(b)
A buyer would be willing to buy a good if his or her willingness to pay for one unit is greater than the priec of good.
The price of good is $25 per unit.
It can be seen that the maximum willingness to pay for one unit is greater than the price of $25 per unit for buyer A, B, and C.
Thus,
The quantity demanded at a price of $25 is 3 units.
A seller is willing to sell a unit of good if his or her willingness to sell of one unit is less than the price of one unit of good.
The price of one unit of good is $25.
The willingness to sell of one unit of seller, A, B, C, D, E, F, G, is less than the price of one unit of good.
So,
The quantity supplied at a price of $25 is 7 units.
Add Answer to:
Answer the following questions based on the tables below. Buyer в Willingness to pay for one...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables Minimum Maximum Actual Equilibrium Acceptable Price Person Price Willing To Pay $21 16 Person Price $10 10 10 10...
Look at the two tables below, which show, respectively, the willingness to pay and willingness to...
Look at the two tables below, which show, respectively, the
willingness to pay and willingness to accept of buyers and sellers
of bags of oranges. For the following questions, assume that the
equilibrium price and quantity will depend on the indicated changes
in supply and demand. Assume that the only market participants are
those listed by name in the two tables.
equilibrium price and quantity will depend on the Indicated changes in supply and demand. Assume that the only market...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person: Max price person willing to pay Actual Price bob $13 $8 barb 12 8 bill 11 8 bart...
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...
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...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is the amount a seller actually gives for a good minus to accept is the maximum amount buncis willing to pay min accept d. is the amount a buyer is willing to pay good minus the minimum amount the seller is willing to pay minus the minimum amount a seller is willing to buyer is willing to pay for m inus the amount the buyer...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person Price Willing To Pay Actual Equilibrium Price Person Minimum Acceptable Price $5 $15 $10 Bob Barb Carlos Courtney...
t=transport costs Use the following information to answer questions 1 - 6. Suppose there is one buyer located at...
t=transport costs
Use the following information to answer questions 1 - 6. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is 5. Transport costs are constant per unit of distance and the seller is located at point 6. 4. If t= 1 and...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 11. When the seller charges the same price to each buyer including delivery of the...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables Minimum Maximum Actual Equilibrium Acceptable Price Person Price Willing To Pay $21 16 Person Price $10 10 10 10...
Look at the two tables below, which show, respectively, the
willingness to pay and willingness to accept of buyers and sellers
of bags of oranges. For the following questions, assume that the
equilibrium price and quantity will depend on the indicated changes
in supply and demand. Assume that the only market participants are
those listed by name in the two tables.
equilibrium price and quantity will depend on the Indicated changes in supply and demand. Assume that the only market...
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...
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...
1.54.800 26. Willingness to pay meates the value that a buyer places on a pood is the amount a seller actually gives for a good minus to accept is the maximum amount buncis willing to pay min accept d. is the amount a buyer is willing to pay good minus the minimum amount the seller is willing to pay minus the minimum amount a seller is willing to buyer is willing to pay for m inus the amount the buyer...
Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Person Price Willing To Pay Actual Equilibrium Price Person Minimum Acceptable Price $5 $15 $10 Bob Barb Carlos Courtney...
t=transport costs
Use the following information to answer questions 1 - 6. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is 5. Transport costs are constant per unit of distance and the seller is located at point 6. 4. If t= 1 and...
Use the following information to answer questions 7 - 12. Suppose there is one buyer located at points 1 through 11, one unit of distance apart. These buyers purchase at most one unit of the product when its price is less than or equal to $10. Assume the MC and AC of producing the product is $5. Transport costs are constant per unit of distance. 11. When the seller charges the same price to each buyer including delivery of the...
Assume that the following marginal costs exist in catfish production: Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Quantity produced (units per day) 10 11 12 13 14 15 16 Marginal cost (per unit) $4 6 8 10 12 14 16 Price (per unit) - $25 24 23 22 - 21 - 20 19 - 18 Quantity demanded (units per day) 10 11...
Most questions answered within 3 hours.
-
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 30 minutes ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 2 hours ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 2 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 3 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 3 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 3 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 4 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 4 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 5 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 7 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 8 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 8 hours ago