Look at the tables below. Person Bob Barb Bill Bart Brent Betty Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? Minimum Acceptable Price $6 7 8 9 10 11

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
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Look at the tables below.
Person
Bob
Barb
Bill
Bart
Brent
Betty
$
Maximum Price
Willing to Pay
$17
14
13
12
11
10
Person
Carlos
Courtney
Chuck
Cindy
Craig
Chad
Instructions: Enter your answers as a whole number.
a. What is the total surplus if Bob buys a unit from Carlos?
$
b. What is the total surplus if Barb buys a unit from Courtney?
$
c. What is the total surplus if Bob buys a unit from Chad?
Minimum
Acceptable Price
$6
7
8
9
10
11
d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that
can be achieved?
Transcribed Image Text:Look at the tables below. Person Bob Barb Bill Bart Brent Betty $ Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? $ c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?
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