Homework Answers
Answer: The social surplus minus the producer surplus
CS = Consumer surplus, PS = Producer surplus, SS = Social Surplus
CS + PS = SS Hence CS = SS - PS
CS is not necessarily equal to the PS.
The difference between an item's production cost and the amount paid by consumers is PS, not CS.
The amount a seller is paid for a good minus the seller's actual cost is PS, not CS.
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od Luck! Question 15 8 pts If you were describing consumer surplus, you would say it...
Which of the following describes consumer surplus? a) The amount a seller is paid for a...
Which of the following describes consumer surplus? a) The amount a seller is paid for a good minus the seller's actual cost. b) The difference between an item's production cost and the amount paid by consumers. c) The social surplus minus producer surplus.
QUESTION 1 Consumer surplus is the a. value of a good to a consumer. b. amount...
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please answer these. Thank you. 29. When a tax is placed on the buyers of coffee,...
please answer these. Thank you.
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i need explanations 4 questions thank you 1. Suppose a human life is worth $10 million....
i
need explanations 4 questions thank you
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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....
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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...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
i
need explanations 4 questions thank you
1. Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system if its cost does not exceed a. $60,000. b. $290,000 c. $350,000 d. $600,000 Figure 8-7 The vertical distance between points A and B represents a tax...
.t 17) Suppose the minimum wage is $4 per hour, and 1,100 correct statement. the minimum wage to $6 per hour, and 900 units are now hired. Choose the units of labour are hired. Then the A) Total wages paid to workers has fallen. B) The quantity of labour supplied is greater at the higher minimum wage C) The price elasticity of demand for labour is 0.5 D) There is unemployment in this labour market E) all of the above...
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