Homework Answers
A. If the market price is 20
Quailana,wilbour and ming-la will purchase the good.
Explanation: becouse of the willingness to pay. Carlos willingness to pay is 15 so he will not buy a good because price is more than that. But for rest of people willingness to pay is more than the price so they all can buy that good.
B.
It will be sell at 45 and MING-LA will buy it.
Consumer surplus:25
Explanation : when bid will happen and there will be only one good then, ming-la will buy that goood as he has the highest willingness to pay.
Consumer surplus will be 20-45=25.
C.
45
Consumer surplus= 25-20=5 for quailana
35-20=15 for wilbour
45-20=25 for ming-la
So total consumer surplus will be 45.
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The only four consumers in a market have the following willingness to pay for a goou:...
Table 7-3 The only four consumers in a market have the following willingness to pay for...
Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buyer IWialingness to Pay Carlos $15 Quilana $25 Wilbur $35 Ming-la $45 Refer to Table 7-3. If the market price for the good is $20, who will purchase the good? Ming-la only Carlos and Quilana only Quilana and Wilbur only Quilana, Wilbur, and Ming-la only
Question 3 1 pts Table 7-3 The only four consumers in a market have the following...
Question 3 1 pts Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buyer Carlos Quilana Wilbur Ming-la Willingness to Pay S15 $25 $35 845 Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be $0 or slightly more. $10 or slightly less. $30 or slightly more. $45...
1 pts Question 2 Table 7-3 The only four consumers in a market have the following...
1 pts Question 2 Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Willingness to Pay $15 $25 Buyer Carlos Qulana Wilbur $35 $45 Ming-la Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for $15 or slightly less. $25 or slightly more. $35 or slightly more. $45...
Question 2 1 pts Table 7-3 The only four consumers in a market have the following...
Question 2 1 pts Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buver Carlos Quilana Wilbur Ming-la Willingness to Pay $15 $25 $35 $45 Click to embed {{ display_name }} Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for $15 or slightly less. $25 or slightly...
1. 2. 3. 4. 5. 6. Submit when finished answering the R button. Due to this being a web course, only scores will...
1.
2.
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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...
3. Please describe your willingness to pay for a certain good, in terms of dollars. Given...
3. Please describe your willingness to pay for a certain good, in terms of dollars. Given the current price of that good, what is your consumer surplus? Now imagine you run a business that sells a good of your choice. How would you use information on consumer's willingness to pay to determine the price at which you sell your good? Please describe the cost of production, average willingness to pay, and consumer and producer surpluses in your example. 4. In...
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point...
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point CS 2. If the government impreses a price of 5100 in this market, then by how much r e sula will decrease point 3. If the government imposes a price ceiling of 580 in this market, ther, assuming those with the highest willingness to pay purchase the good calculate consumer surplus point
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....
1. The maximum price that a buyer will pay for a good is called a. consumer...
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En how on how you solve it. II. Provide t Figure 1 180 P=- 2 Qd...
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Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buyer IWialingness to Pay Carlos $15 Quilana $25 Wilbur $35 Ming-la $45 Refer to Table 7-3. If the market price for the good is $20, who will purchase the good? Ming-la only Carlos and Quilana only Quilana and Wilbur only Quilana, Wilbur, and Ming-la only
Question 3 1 pts Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buyer Carlos Quilana Wilbur Ming-la Willingness to Pay S15 $25 $35 845 Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be $0 or slightly more. $10 or slightly less. $30 or slightly more. $45...
1 pts Question 2 Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Willingness to Pay $15 $25 Buyer Carlos Qulana Wilbur $35 $45 Ming-la Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for $15 or slightly less. $25 or slightly more. $35 or slightly more. $45...
Question 2 1 pts Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buver Carlos Quilana Wilbur Ming-la Willingness to Pay $15 $25 $35 $45 Click to embed {{ display_name }} Refer to Table 7-3. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for $15 or slightly less. $25 or slightly...
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...
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point CS 2. If the government impreses a price of 5100 in this market, then by how much r e sula will decrease point 3. If the government imposes a price ceiling of 580 in this market, ther, assuming those with the highest willingness to pay purchase the good calculate consumer surplus point
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....
En how on how you solve it. II. Provide t Figure 1 180 P=- 2 Qd +160 P=2Qs +20 TII 20 30 40 50 10 60 Dewand 80 90 70 Q Iculate consumer surplus. 15 point) 1225 floor of $100 in this market, then by how much consumer surplus 1225 900-31 1. At the equilibrium price, calculate consumer sur 2. If the government imposes a price floor of $100 in this m will decrease? (5 point] 3. If the government...
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