complete the chart Quantity of a commodity subjective value real value total consumer spending consumer surplus...
complete the chart
|
Quantity of a commodity |
subjective value |
real value |
total consumer spending |
consumer surplus |
|
4 |
60 |
|||
|
8 |
55 |
|||
|
15 |
50 |
|||
|
20 |
45 |
|||
|
35 |
40 |
|||
|
50 |
35 |
the real value or price is equal to 75% of the first subjective value
Homework Answers
Hi,
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Question:
Answer:
|
(A) Quantity of a commodity |
(B) Subjective value |
(C) Total consumer spending (maximum price willing)= (A) *(B) |
(D) Real value = 75% of (B) |
(E) Total consumer spending(actual price paid) = (A)* (D) |
(F) Consumer surplus= (C) - (E) |
| 4 | 60 | 240 | 45 | 180 | 60 |
| 8 | 55 | 440 | 41.25 | 330 | 110 |
| 15 | 50 | 750 | 37.50 | 562.50 | 187.50 |
| 20 | 45 | 900 | 33.75 | 675 | 225 |
| 35 | 40 | 1400 | 30 | 1050 | 350 |
| 50 | 35 | 1750 | 26.25 | 1312.50 | 437.50 |
Thank You
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complete the chart
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