q21- If Amy is willing to pay $800 for a new dress but is able to buy the dress for $600, her consumer surplus is: Select one: a. $600 b. $200 c. $800 d. $1400
Q: Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then…
A: Consumer surplus = willingness to pay - Price Given : willingness to pay = 10 Price = 9
Q: Henry is willing to pay 45 cents, and Janine is willing to pay 55 cênts, for 1 pound of bananas.…
A: Consumer surplus=Willingness to pay-Actual pay
Q: for her 8th slice of pizza each week. Because she has to pay only $3.00 From the previous graph, you…
A: Point A on the given consumer's demand curve in figure (1) below depicts the maximum price that the…
Q: 1. It is a hot day, and Seth is thirsty. Here is the value he places on each bottle of water. Value…
A: a) Seth's demand schedule : Price Quantity Demanded More than P7 0 P5 - P7 1 P3 - P5 2…
Q: A Surplus $12 10 | 4 demanded 44 supplied At $9 there is a surplus ´ of burritos 8. 4 12 20 28 36 44…
A: Surplus occurs when the supplied of good is greater than demand of goods that means produce more…
Q: 3. It is a hot day, and Nina is thirsty. Here is the value, in money terms, she places on a bottle…
A: The demand schedule shows the respective amount of quantity demanded at each of the different…
Q: Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for…
A: Consumer surplus = the amount a buyer is willing to pay for a good - the amount the buyer actually…
Q: Andi is willing to buy a shoe X for Rp. 100, Budi is willing to buy a shoe X for Rp. 90, Tono is…
A: Market price =$50
Q: 1) Complete the first two rows of the following table by indicating which areas on the graph…
A: The consumer surplus is the welfare received by the consumers. It is calculated numerically, by…
Q: What creates surplus? a. All of these are true b. When people with no money who really need…
A: Surplus is the difference between the consumer's willingness to pay and the actual price he is…
Q: harlie is willing to pay $12 for a T-shirt that Is priced at $10. If Charlie buys the T-shirt, then…
A: The demand curve depicts the negative relationship between the price and the quantity demanded. If…
Q: A surplus occurs when: more people want to buy a good than want to sell it.
A: Surplus can be depicted through following graph - Here, at price level equal to p1 . quantity…
Q: hat is the consumer surplus is you buy a 65 inch 4K tv you have wanted for $5
A: Consumer surplus refers to the economic measure of extra benefit of consumers. consumer surplus is…
Q: Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $6.25. Michelle was willing…
A: Consumer surplus can be defined as the economic gain that a consumer enjoys due to the difference in…
Q: Using the image presented on the worksheet, the total surplus is $_____. Do not forget to round to…
A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…
Q: Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10…
A: For the 10th scarf, Hugo was willing to pay $20 but had to pay only $12. So his consumer surplus was…
Q: It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Value of…
A: Given: Value of first bottle $7 Value of second bottle 5 Value of third bottle 3 Value of fourth…
Q: Josh is lost in the desert. He determines that he would pay $50 for a bottle of cold Gatorade. He…
A: Given: Price that Josh is willing to pay = $50 Consumer surplus that he realized (CS) = $47.25
Q: elissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: he market for a particular pair of shoes, Gert is willing to pay $65 for a pair, while Jane is…
A: Consumer surplus is the difference between what the person is willing to pay and the price the…
Q: Fred's Famous Franks raises the price of their hot dogs from $4, where they sold 500 hot dogs, to…
A: Fall in Consumer surplus =area of triangle + area of rectangle = 0.5 * (5-4) * (500-400) + (5-4)…
Q: The price of a Xbox1 is $399, and you were ready to purchase one. You happened to get your paycheck…
A: Consumer surplus is defined as the difference between the ability to pay of consumer and the amount…
Q: Melissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?b.…
A: Maximum willingness to pay refers to the amount a person is willing to pay for a good. If the price…
Q: 8. Consumer and Producer Surplus Suppose Gilberto is the only seller in the market for bottled water…
A: Equilibrium in the market occurs where quantity demanded equals quantity supplied that is at the…
Q: 1. Determine the amount of consumer surplus generated in each of the following situations a. William…
A: Consumer surplus (CS) is obtained by subtracting the amount of money that a customer is willing to…
Q: Doni is willing to sell a shoe X for Rp. 30, Bobo is willing to sell a shoe X for Rp. 40, Roni is…
A: Producer Surplus refers to the extra amount a supplier is paid for a product above the minimum price…
Q: Henry is willing to pay 45 cents, and Janine is willing to pay 55 cents, for 1 pound of bananas.…
A: At a marketplace, willingness to pay of an individual implies the maximum value of a good that an…
Q: What is meant by consumer surplus? a It is the total quantity of a good bought by a consumer…
A: Consumer Surplus is the benefit or monetary gain or welfare a consumer obtain when it purchases a…
Q: Akbar bought a $40 a ticket to a comedy show. He values the show at $167. Birbal values watching the…
A: Consumer Surplus: It refers to the difference between the maximum price the buyer is willing to pay…
Q: 6 . Consumer Surplus Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her…
A: Answer to the question is as follows:
Q: Dominic is willing to pay $12 for a single pizza; Stephany is willing to pay $7; and Tyler is…
A: Social surplus is the surplus that includes producer surplus as well as consumer surplus.
Q: The graph shows the demand curve for wallets and the market price of a wallet. 18.00 Vhat is the…
A: The consumer surplus is the difference between the maximum price consumer wants to pay and actual…
Q: From the previous graph, you can tell that Dmitri is willing to pay $ for his 8th slice of pizza…
A: From the previous graph you can tell that dmitri is willing to pay 3.75 dollars for his 8 slice of…
Q: 5. Jungkook bought a new iPhone13 for $1,162. He values the phone at $1,650. Suga values the phone…
A: Surplus: It refers to the amount which is more with the consumer or with the producer. The increase…
Q: 6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness…
A: Here, given information is, Market price= $240 Consumer surplus=$160 To find: willingness to pay…
Q: Sam is willing to pay $10 for one bracelet and $5 for a second. Isabella is willing to pay $12 for…
A: Consumer surplus is the difference between the willingness of consumers to pay and the market price.…
Q: The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is…
A: Consumer surplus is the difference between the highest willing to pay price of the consumer and the…
Q: Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an…
A: Consumer surplus is the difference between willingness to pay by the consumer for a good and the…
Q: 6. Consumer Surplus Valerie buys an iPhone for $240 and gets a consumer surplus of $160. Her…
A: Consumer Surplus Economically, a customer's surplus benefit is measured by the term "consumer…
Q: 1. Determine the amount of consumer surplus generated in each of the following situations new ´…
A: Consumer surplus can be understood as the benefit to the buyers. The formula for consumer surplus…
Q: Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $5.75$5.75. Michelle was…
A: Answer: Selling price or market price=$5.75 Michelle's willingness to pay = $7.75 Paul's cafe…
q21-
If Amy is willing to pay $800 for a new dress but is able to buy the dress for $600, her
$600
$200
$800
$1400
Step by step
Solved in 4 steps
- The price of DVDs (D) is $20.00 and the price of CDs (C) is $10.00. Phillip has a budget of $100.00 to spend on the two goods. Suppose that he has already bought 1 DVD and 1 CD. In addition, there are 3 more DVDs and 7 more CDs that he would really like to buy.The price of DVDs (D) is $20.00 and the price of CDs (C) is $10.00. Phillip has a budget of $100.00 to spend on the two goods. Suppose that he has already bought 1 DVD and 1 CD. In addition, there are 3 more DVDs and 7 more CDs that he would really like to buy. 1.) Using the line drawing tool, given the above prices and income, draw his budget line in the figure.Label this line 'L'. 2.) Using the point drawing tool, and considering what Phillip has already purchased and what he still wants to purchase, identify the three different bundles of CDs and DVDs that he could choose. Label these points 'bundle 1', 'bundle 2', and 'bundle 3'. (Assume that he cannot purchase fractional units) Carefully follow the…State any two reasons for why a consumer buy more at a lower priceBasil is a broke college student who consumes only coffee and pizza. No one is really sure how he can survive on those two goods alone, but somehow he does. Coffee is $2 per cup, and pizza is $5 per pizza. Basil's weekly budget constraint is shown below. On the graph below show how his budget constraint would change if Basil gets an additional $10 per week from his grandmother. Coffee (cups per week) 15 14 13 3 210 000 654 120 w 2 -N Budget Constraint 0 01 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Pizza (number per week)
- This is Ben’s budget. Use his budget to determine the answer to the following questions: 1. Calculate Ben’s total amount of monthly expenses. 2. Calculate Ben’s total net income. 3. What would you recommend Ben do regarding his budget so that he is not in the red? 4. Scenario: Suppose Ben wants to buy a house for $251,599. Calculate his 20% down payment for this home. 5. Scenario: Suppose Ben wants to buy a house for $251,599. For a 15-year mortgage, Ben gets a 4% interest rate. Calculate his monthly payments for this 15-year mortgage. 6. Scenario: Suppose Ben wants to buy a house for $251,599. For a 30-year mortgage, Ben gets a 5% interest rate. Calculate his monthly payments for this 30-year mortgage.2. If war breaks out in the Middle East and sugar is rationed so that Rosie is limited to purchasing only 8 units of sugar, what bundles will she consume with an income of $ 20? Did the restriction alter her consumption? Explain. What bundles will she consume with an income of $ 40? Did the restriction alter her consumption? Explain. I need help on this questionSuppose one have a budget of $1000. The price of one unit of X is $20 and the price of one Unit of Y Is $10 If X provides one utility and Y gives one disutility, what is the equilibrium amount of X and Y for the consumer! Explain your answer with graph!
- Suppose John decides to buy 4 units of food and 4 units of clothing with his $12 budget. Would his marginal utility per dollar spent on food be greater than or less than his marginal utility per dollar spent on clothing? What does this tell you about how he should substitute food for clothing if he wanted to increase his utility without spending any more money?1. A consumer has an income of $3024 to spend each day. The only two goods the consumer is interested in purchasing are goods A and B. The marginal-utility schedules for these two goods are shown in the table below. The price of B does not change and is $378. The marginal utility per dollar from B is also shown in the table. But the price of A varies as shown in the table. The marginal utility per dollar from A when the price of A is $1512 and $756 is shown in the following table. Good A Good B Quantity MU MU/$1512 MU/$756 MU MU/$378 1 24 2 15 3 12 4 8 5 6 6 4 48 32 24 16 8 4 ||||| ||||| |||12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the horizontal axis) and on other goods (measured in dollars on the vertical axis). His preferences and budget line are represented in the figure below. Wayne's optimal choice is to buy 4 tickets, but the maximum he can buy from the box office is just two tickets. What is the box office price for a ticket? $ willing to pay a scalper for two more tickets? $ What is the maximum price Wayne is other goods (S) 2,000 1,600 1,200 800 400 4. 6 8 10 2. Number of Grey Cup Tickets
- Please answer fastly. I need it in 15 minutes. I will appreciate it if you could answer it quickly. Thank you! If the price of eggs were to double from $1 per egg to $2 per egg, Freddy would consume 6 fewer eggs without changing his consumption of other goods, which would he prefer? the price increase? or losing $6?Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $1.00 and the price of a banana is $0.50. If the consumer decides to buy 4 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income? 12 bananas 5 bananas 8 bananas 15 bananasLuke has a monthly income of $80. He spends this money making telephone calls from home (measured in minutes of calls) and on other goods. His mobile phone company offers him two plans: Plan A: Pay no monthly fee and make calls for $0.50 per minute. Plan B: Pay a $30 monthly fee and make calls for $0.1 per minute. What baskets might he purchase if Plan B is better for him?