refer to the table below.If the six people listed in the tableare the only consumers in...
refer to the table below.If the six people listed in the
tableare the only consumers in the market and the equilibrium price
is $12, how much consumer surplus will the market generate?
| (1) Person |
(2) Maximum Price Willing to Pay |
(3) Actual Price (Equilibrium Price) |
(4) Consumer Surplus |
| Bob | $20 | $12 | $8 (=$20 - $12) |
| Barb | 16 | 12 | 4 (=$16 - $12) |
| Bill | 14 | 12 | 2 (=$14 - $12) |
| Bart | 12 | 12 | 0 (=$12 - $12) |
| Brent |
10 | 12 | -2 (=$10 - $12) |
| Betty | 8 | 12 | -4 (=$8 - $12) |
Instructions: Enter a whole number
as your answer.
Homework Answers
The total consumer surplus will be $14 ($8 for Bob, $4 for Barb, $2 for Bill, and Bart, Brent, and Betty will not purchase the good at a price of $12); ($8 + $4 + $2 = $14).
Add Answer to:
refer to the table below.If the six people listed in the
tableare the only consumers in...
Refer to the table below. If the six people listed in the table are the only...
Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $8. how much consumer surplus will the market generate? Person Maximum Price Actual Price Willing to Pay (Equilibrium Price) Bob $18 58 Barb 10 8 Bil 14 8 Bart 12 8 Brent 10 8 Betty 8 8 Instructions: Enter your answer as a whole number Total consumer surplus
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Refer to Figure: Supply and Demand Suppose the
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Consumers will pay $16, the producer will receive $10, and total
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Refer to the figure below. If the government sets a price ceiling of $8, consumers would...
Refer to the figure below. If the government sets a price
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Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $8. how much consumer surplus will the market generate? Person Maximum Price Actual Price Willing to Pay (Equilibrium Price) Bob $18 58 Barb 10 8 Bil 14 8 Bart 12 8 Brent 10 8 Betty 8 8 Instructions: Enter your answer as a whole number Total consumer surplus
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a. On the basis of the three individual demand schedules below, and assuming these three determine the collective demand schedule on the assumption that the good is a public good. Instructions: Enter your answers as whole numbers Individual #1 Price Qd Individual #2 Price Individual #3 Price Demand Public Good Price Qd PO $8 -NM LINNNIIT II TIT b. Use the public demand schedule above and the following supply schedule to ascertain the optimal quantity of this public good. Quantity...
Refer to Figure: Supply and Demand Suppose the
government imposes a tax of $6 on consumers. Which statement is
correct?
a.
Consumers will pay $16, the producer will receive $10, and total
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b.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $6.
c.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $24.
d.
Consumers will pay $16, the producer will receive $10, and total...
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...
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Refer to the figure below. If the government sets a price
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there would be a shortage of 12 units.
there would be an excess supply of 4 units.
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