The consumer surplus is: Select one: a. WTP - Price. Graphically, it is the area below...
The consumer surplus is:
Select one:
a. WTP - Price. Graphically, it is the area below the price and above the demand curve.
b. WTS - Price. Graphically, it is the area below the price and above the supply curve.
c. Price - WTS. Graphically, it is the area below the price and above the supply curve.
d. Price - WTP. Graphically, it is the area above the price and below the demand curve.
e. WTS - Price. Graphically, it is the area above the price and below the supply curve.
f. Price - WTS. Graphically, it is the area above the price and below the supply curve.
g. Price - WTP. Graphically, it is the area below the price and above the demand curve.
h. WTP - Price. Graphically, it is the area above the price and below the demand curve.
Homework Answers
Since producer surplus is the area below the price and above the supply curve.
Consumer surplus is the area above the price and below the demand curve.
Hence it can be said that graphically it is measured by the are of triangle which is made below the demand curve and above the market price.
Hence it can be said that consumer surplus is WTP - Price. Graphically, it is the area above the price and below the demand curve.
Hence option h is the correct answer,
Add Answer to:
The consumer surplus is:
Select one:
a. WTP - Price. Graphically, it is the area below...
Question 9 Consumer surplus is the area below the supply curve and above the equilibrium price....
Question 9 Consumer surplus is the area below the supply curve and above the equilibrium price. above the supply curve and below the equilibrium price. below the demand curve and above the equilibrium price. below the demand curve and above the supply curve. above the demand curve and below the equilibrium price.
1. Which of the following statements best describes consumer surplus in the supply and demand model?
1. Which of the following statements best describes consumer surplus in the supply and demand model?Use letters in alphabetical order to select optionsAConsumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.BConsumer surplus is the area in the supply and demand model that is above the market price and above the demand curve.CConsumer surplus is the area in the supply and demand model that is below the market...
s. Which of the following is FALSE about consumer surplus? a) It is partly determined by...
s. Which of the following is FALSE about consumer surplus? a) It is partly determined by the maximum price people will pay for an item b) It is partly determined by the price buyers must pay for the item e) It is partly determined by the amount of quantity supplied d) It can only be positive since no one will purchase an item if the price is above their WTP e) It is the area below the demand curve and...
Q=100,000-10,000P solve for the consumer surplus at the equilibrium price and quantity Demand: Let the Market...
Q=100,000-10,000P solve for the consumer surplus at the
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Demand: Let the Market Demand curve for soybeans be given by the following equation: Q=100,000 -10,000P where the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q=-5,000+ 5,000P 3) Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium price....
a. In the graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use...
a. In the graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use the tool provided PS' to identify the area of producer surplus. This will drop a small triangle with 3 endpoints onto the graph. Drag the endpoints to the appropriate positions to identify the area of producer surplus. Then, use the tool provided CS and follow the same process for consumer surplus 0.26 points Tools Supply cs PS Demand Quantity b-lf the supply curve shifts...
QUESTION 38 On a graph, producer surplus is represented by the area A. below the demand...
QUESTION 38 On a graph, producer surplus is represented by the area A. below the demand curve and above price. O B. between the demand and supply curves. C. below the price and above the supply curve. D. below the supply curve and to the left of equilibrium quantity.
1. Demonstrate graphically and explain verbally the concept of consumer surplus. 2. Demonstrate graphically and explain...
1. Demonstrate graphically and explain verbally the concept of consumer surplus. 2. Demonstrate graphically and explain verbally the concept of producer surplus. 3. Demonstrate graphically and explain verbally why the equilibrium values of price and quantity in a supply and demand model lead to the maximum combination of consumer and producer surplus. 6. Demonstrate graphically and explain verbally the cost to consumers of a tax of t per carton imposed on the sellers of cigarettes. Where does the lost producer...
In a supply-and-demand graph, producer surplus can be pictured as the Select one: a vertical intercept...
In a supply-and-demand graph, producer surplus can be pictured as the Select one: a vertical intercept of the supply curve. b. area between the demand curve and the supply curve to the left of equilibrium output. c. area under the supply curve to the left of equilibrium output. d. area under the demand curve to the left of equilibrium output. e. area between the equilibrium price line and the supply curve to the left of equilibrium output
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply...
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
Please assist with these questions, 1. Select whether the statement is true or false. Laws that...
Please assist with these questions, 1. Select whether the statement is true or false. Laws that government enacts to regulate prices (such as price floor and price ceilings) are called price barriers. Use letters in alphabetical order to select options A true B false 2. Fill in the blank with the correct answer by typing in the box. The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called consumer ______________________. 3....
Question 9 Consumer surplus is the area below the supply curve and above the equilibrium price. above the supply curve and below the equilibrium price. below the demand curve and above the equilibrium price. below the demand curve and above the supply curve. above the demand curve and below the equilibrium price.
s. Which of the following is FALSE about consumer surplus? a) It is partly determined by the maximum price people will pay for an item b) It is partly determined by the price buyers must pay for the item e) It is partly determined by the amount of quantity supplied d) It can only be positive since no one will purchase an item if the price is above their WTP e) It is the area below the demand curve and...
Q=100,000-10,000P solve for the consumer surplus at the
equilibrium price and quantity
Demand: Let the Market Demand curve for soybeans be given by the following equation: Q=100,000 -10,000P where the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q=-5,000+ 5,000P 3) Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium price....
a. In the graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use the tool provided PS' to identify the area of producer surplus. This will drop a small triangle with 3 endpoints onto the graph. Drag the endpoints to the appropriate positions to identify the area of producer surplus. Then, use the tool provided CS and follow the same process for consumer surplus 0.26 points Tools Supply cs PS Demand Quantity b-lf the supply curve shifts...
QUESTION 38 On a graph, producer surplus is represented by the area A. below the demand curve and above price. O B. between the demand and supply curves. C. below the price and above the supply curve. D. below the supply curve and to the left of equilibrium quantity.
In a supply-and-demand graph, producer surplus can be pictured as the Select one: a vertical intercept of the supply curve. b. area between the demand curve and the supply curve to the left of equilibrium output. c. area under the supply curve to the left of equilibrium output. d. area under the demand curve to the left of equilibrium output. e. area between the equilibrium price line and the supply curve to the left of equilibrium output
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
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