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- The table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom of the Opera ticket. Assume that each student wants to buy one ticket. If the price of a ticket to see Phantom of the Opera is $50, then the total consumer surplus for the five students is: Willingness Student to pay Jessicat 150 Jackeling 125 Bradx 105 Roberta 60 Gweng 25% tudent Willingness to pay Jessica 150 Jackelin 125 Brad 105 Robert 60 Gwen 25 A 175 В 240 Cc) 230 100Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?Based on the following graph, identify the loss in consumer surplus when price changes from 12 to 15. P 000000 A ao o oÔ - - ס - 15 12 8 A B D F 10 C E 20 S1 D1
- Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemandThe graph below depicts Jacques's monthly demand for tuna. Suppose the price of tuna falls from $12 per pound to $8 per pound. On the diagram, use the area drawing tool to box in the changein Jacques's consumer surplus. To refer to the graphing tutorial for this question type, please click here. Jacques's Monthly Demand for Tuna Price per pound 16 15 14 13 12 11 10 9 7 4 3 2 1 るる る + SUBMIT ANSWER 4 VIEW SOLUTION 7 OF 14 QUESTIONS COMPLETED MacBook ProKyra buys an iPhone for $240 and gets consumersurplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180,what would her consumer surplus have been?c. If the price of an iPhone were $500, what wouldher consumer surplus have been?
- The attached figure shows Rosa's demand for ice cream. If the price of ice cream were $2 per litre, then Rosa's consumer surplus for the 4th litre: (a) Is greater than the surplus for the 8th litre. b) Is the same as the surplus on the 8th litre. c) Is less than the surplus on the 8th litre d) It could be greater than, equal to or less than the surplus of the 8th litre. Note: Please make your calculations to get the correct answerA) If the price of a canister of maple syrup is $35, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $35? B) If the price of a canister of maple syrup drops to $25, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $25? C) If the price of a canister of maple syrup drops to $15, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $15?The graph shows the demand curve for textbooks. Suppose the price of a textbook is $150. Draw an arrow that shows the consumer surplus on the 1 millionth textbook bought. Consumer surplus is O A. equal to the amount that we pay for a good or service O B. greater on the 100th unit of a good that we buy than on the 1st unit of a good that we buy O C. the value that we receive by purchasing a good or service O D. measured as the marginal benefit (or value) of a good minus the price paid for it, summed over the quantity bought 250- 200- 150- 100- 50- 0- Price (dollars per textbook) Market price D = MSB o 2 3 5 Quantity (millions of textbooks per year) >>> Draw only the objects specified in the question. Q
- A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?1. Determine the amount of consumer surplus generated in each of the following situations William goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. At the cash register, he is told that his T-shirt is on sale for half the posted price. b. Sophia goes to the CD store hoping to find a used copy of the Eagles Greatest Hits for up to $10. The store has one copy selling for $10 c. After baseball practice, Nicholas is willing to pay $2 for a bottle of mineral water. The 7-Eleven sells mineral water for $2.25 a bottle. а.The graph on the right shows the willingness to pay of two consumers, Annie and Ben. We can determine from the graph that when the market price PM = $27, Annie's consumer surplus is and Ben's is Assuming the shaded region consists of the total market consumer surplus, then its value is $ (Enter your response as a whole number.) Consumer surplus is based on which of the following economic theories? OA. Marginal analysis OB. Marginal costs only OC. Total benefits OD. Marginal benefits only Financial incentives can help make people behave in a desired way when the incentives are O A. combined with moral suasion. OB. enough to satisfy other needs. OC. substantial. OD. provided consistently. Price ($) 100 80- 60- A 40- PM-27 20 0- 0 B D E C. Ben 40 50 Quantity sold Annie 10 20 30 60 70 80 Oo S
