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In a hypothetical market the buyer is willing to pay $120 which is the maximum amount he can pay for a good.
The market
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- Marcus buys a tablet for $5,000. What determines the size of consumer surplus Marcus receives? Explain.Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is . If she had bought the iPhone on sale for $180, her consumer surplus would have been . If the price of the iPhone had been $500, her consumer surplus would have beenThe formula consumer surplus uses a consumers "willingness to pay" as part of the equation. Economists uses "willingness to pay" as a stand in for the numerical value of the benefit a consumer receives from purchasing something. If a consumer's "willingness to pay" for a sandwich is $10, what does that mean? Why do economists say that the benefit of that sandwich (to that consumer) is $10?
- The consumer surplus for John is $10 and his maximum willingness to pay for the product is $30 What would have been the market price?What is consumer surplus? How is it illustrated on a demand and supply diagram? please drawLarry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?
- Suppose a consumer is willing to buy a book for $50, but the actual price of the book in the market is $30. What is the consumer surplus in this case? If the price of the book increases to $40, what would be the new consumer surplus?A) 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 following table shows Carl's willingness to pay for clothing. Quantity of Clothing Carl would consume Consumer surplus = $ 2 units. 3 4 5 6 Willingness to Pay $35 $60 $80 $97 $112 Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus? $126
- The graph below depicts Jacques 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 change in Jacques's consumer surplus. And what is Jacques's consumer surplus increase by $Suppose that at the equilibrium price of $50, the equilibrium quantity is 400 units and consumer surplus is $8,000. If the equilibrium price falls to $40 and the equilibrium quantity increased to 450 units then consumer surplus increases by $4,500. Is this true? Show all the calculationsSuppose the daily demand curve for gasoline is as provided in the accompanying graph. a. Calculate the consumer surplus in the market for gasoline if the market price is $3.50. Consumer surplus = $ ___________ million Now suppose the price decreases to $2.50 per gallon. Move the price line on the graph to reflect this change, then calculate the new consumer surplus. New consumer surplus = $________million
