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 a highly competitive market for a good of your choice, would you prefer to be a consumer or a producer? Please explain why, in terms of consumer and producer surplus.
Please answer these questions more than 450 words. and give reference.
Homework Answers
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3. Please describe your willingness to pay for a certain good,
in terms of dollars. Given...
For a given good, a consumer's willingness to pay is, by definition, the O same as...
For a given good, a consumer's willingness to pay is, by definition, the O same as the seller's willingness to sell. O amount of cash the consumer has on hand for purchase of the good. O amount the consumer offers at the start of a negotiation. O intensity of the consumer's desire for the good. O maximum price the consumer would pay for the good.
There are three consumers of a public good. Their marginal willingness-to-pay curves are given by: CONSUMER...
There are three consumers of a public good. Their marginal willingness-to-pay curves are given by: CONSUMER 1: CONSUMER 2: CONSUMER 3: where MWP is in dollars per unit and Q is the quantity of the public good. The marginal cost of the public good is $180. a) What is the efficient level of production of the public good? b) If the three consumers were to pay a third of the cost of producing the public good, what quantity...
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now...
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now find and evaluate the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of your own example. (products to consider: online ticket sales to sporting events, Vegas shows, eBay products, etc). The textbook for this class is IAC MT PRINCIPLES MACROECONOMICS, 8th Edition Please do not copy the answer that is already posted on this site I need a new...
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now...
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now find and evaluate the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of your own example. (products to consider: online ticket sales to sporting events, Vegas shows, eBay products, etc). The textbook for this class is IAC MT PRINCIPLES MACROECONOMICS, 8th Edition Please do not copy the answer that is already posted on this site I need a new...
Imagine that you have been given a job as an economic advisor to evaluate a certain...
Imagine that you have been given a job as an economic advisor to evaluate a certain competitive US manufacturing industry. Your (accurate) statistical analysis indicates the market is characterized by demand of Qd = 200 - P and supply of Qs = P - 20. Solve for equilibrium price P* and quantity Q*. Depict the supply and demand curves on the usual P, Q diagram. Label all intercepts. Clearly indicate and label the market equilibrium. Graphically indicate the areas of...
QUESTION 1 Please refer to the buyer willingness to pay values provided in the table on...
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
please answer these. Thank you. 29. When a tax is placed on the buyers of coffee,...
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...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Please answer 15 and draw the graph I Wunterclockwise. D. by rotating it clockwise. of X...
Please answer 15 and draw the graph
I Wunterclockwise. D. by rotating it clockwise. of X is $5 per unit, then consumer surplus is: A. $100. B. $75. nd for good X is given by Qx = 20 - 2Px. If the equilibrium price C. $50. D. $25. 15. Assume that the demand function is Qx' = 130 – 2Px. 1) What is consumers' willingness to pay (marginal value in dollar) for the 10th unit of product? 60 mot 2)...
The domestic supply and demand equations for good A are given by ?? = ? −...
The domestic supply and demand equations for good A are given by ?? = ? − 60 and ?? = 360 − 2? respectively. The world price of the good is $90. At the current world price, how much of good A is produced domestically and how much is consumed? How much of the good is the country importing from the world? Graph the inverse domestic supply and demand equations with the world price. Show on the graph and calculate...
For a given good, a consumer's willingness to pay is, by definition, the O same as the seller's willingness to sell. O amount of cash the consumer has on hand for purchase of the good. O amount the consumer offers at the start of a negotiation. O intensity of the consumer's desire for the good. O maximum price the consumer would pay for the good.
QUESTION 1
Please refer to the buyer willingness to pay values provided in
the table on page 178 in the book (i.e., Customers A and B with
Goods 1 and 2). If the monopolist only sold Good 1 by itself, what
is the profit maximizing outcome for the monopolist?
A.
Sell zero units at a price of $3000
B.
Sell one unit at a price of $2800
C.
Sell two units at a price of $2300
D.
Sell two units...
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...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Please answer 15 and draw the graph
I Wunterclockwise. D. by rotating it clockwise. of X is $5 per unit, then consumer surplus is: A. $100. B. $75. nd for good X is given by Qx = 20 - 2Px. If the equilibrium price C. $50. D. $25. 15. Assume that the demand function is Qx' = 130 – 2Px. 1) What is consumers' willingness to pay (marginal value in dollar) for the 10th unit of product? 60 mot 2)...
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