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Q: he following graph shows the weekly market demand for cheesecake in a small economy. Use the…
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Q: Why can total surplus never fall below zero in a market for goods and services?
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Q: Torsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of…
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Q: If there is a price floor of $60 imposed in this market, what is the new consumer surplus?
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- Why can total surplus never fall below zero in a market for goods and services?Torsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of flour falls from $32 to $25, what is the change in Torsten's surplus? Flour can be bought in integer values only. Enter a number only, drop the $ sign. Include a negative sign if surplus decreases. Bags of flour MWTP 1 $48 2 $41 3 $38 4 $27 5 $16 6 $14 7 $7The figure shows the demand curve for pizza. A) What is the 4 point marginal benefit of pizza number 20? B) What is the maximum price that the consumer wants to pay for pizza number 20? C) If the price of a pizza is $6, what is the consumer surplus for the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
- 7. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Sean owns a restaurant where he sells cheesecake. The following graph shows Sean's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Sean's Weekly Supply 7.50 6.75 6.00 5.25 4.50 3.75 3.00 Price 225 1.50 0.75 Supply 4. 10 12 14 16 18 20 QUANTITY (Slices of cheesecake) PRICE (Dollars per slice)find the consumer surplus when the market is in equilibrium. Round your answer to the nearest integer.The following graph shows Alyssa's weekly demand for pizza, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of pizza is $3.00 per slice, as shown by the horizontal black line. Alyssa's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4.50 А 3.75 Price 3.00 2.25 1.50 0.75 4 6 8 10 12 16 18 QUANTITY (Slices of pizza) for her 8th slice of pizza each week. Because she has to pay only $3.00 From the previous graph, you can tell that Alyssa is willing to pay $ per slice, the consumer surplus she gains from the 8th slice of pizza is $ 20 14 PRICE (Dollars per slice)
- Jungkook bought a new iPhone13 for $1,133. He values the phone at $1,748. Suga values the phone at $2,528. If I force Jungkook to give his phone to Suga what is the change in total surplus? Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreased.THE CONSUMER SURPLUS?The following graph shows Andrew's weekly demand for apple pie, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of apple pie is $3.00 per slice, as shown by the horizontal black line. (Part 2) From the previous graph, you can tell that Andrew is willing to pay for his 8th slice of apple pie each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of apple pie is Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Andrew would receive a consumer surplus of from the 8th slice of apple pie he buys. The following graph shows the weekly market demand for apple pie in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of apple pie is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price…
