The table presents the quantities demanded of music downloads per day for two consumers. Use the information in the table to place the points in the graph to create the marginal social benefit (MSB) curve. Then calculate consumer and producer surplus. The market price of music downloads is $1 which is also equal to the marginal social cost. Price Jim's quantity 8 6 5 Market for Music Downloads Deb's quantity ($) demanded demanded 7 Price ($) 4 0 0 3 6 2 0 5 3 1 2 4 4 2 Market Price = MSC 1 3 5 3 MSB 0 2 6 4 0 1 2 3 4 5 6 7 8 9 Quantity 10 11 12 13 14 15 1 7 5 0 8 6 Incorrect Consumer surplus: $ 12.5 Incorrect 10.5 Producer surplus: $ Incorrect
The table presents the quantities demanded of music downloads per day for two consumers. Use the information in the table to place the points in the graph to create the marginal social benefit (MSB) curve. Then calculate consumer and producer surplus. The market price of music downloads is $1 which is also equal to the marginal social cost. Price Jim's quantity 8 6 5 Market for Music Downloads Deb's quantity ($) demanded demanded 7 Price ($) 4 0 0 3 6 2 0 5 3 1 2 4 4 2 Market Price = MSC 1 3 5 3 MSB 0 2 6 4 0 1 2 3 4 5 6 7 8 9 Quantity 10 11 12 13 14 15 1 7 5 0 8 6 Incorrect Consumer surplus: $ 12.5 Incorrect 10.5 Producer surplus: $ Incorrect
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 5SQP
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