ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Expert Answer Step 1 Note: We'll answer the first question since the exact one wasn't specified. Please submit a new question specifying the one you'd like answered. 1) The welfare of a consumer is determined by the consumer surplus which is the difference between the amount of money a consumer is willing to pay for a goods and the amount they actually pay. Step 2 Consumer surplus (CS) is obtained by subtracting the amount of money that a customer is willing to pay for a commodity and amount of money that they actually pay. It is the area above the equilibrium price and under the demand curve. The consumer surplus can be computed as: Consumer surplus = Willingness to pay - Price paid Suppose John is willing to pay $90 for a book but the price of book is $80, so the consumer surplus of John will be $10($90-$80).
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Transcribed Image Text:Expert Answer Step 1 Note: We'll answer the first question since the exact one wasn't specified. Please submit a new question specifying the one you'd like answered. 1) The welfare of a consumer is determined by the consumer surplus which is the difference between the amount of money a consumer is willing to pay for a goods and the amount they actually pay. Step 2 Consumer surplus (CS) is obtained by subtracting the amount of money that a customer is willing to pay for a commodity and amount of money that they actually pay. It is the area above the equilibrium price and under the demand curve. The consumer surplus can be computed as: Consumer surplus = Willingness to pay - Price paid Suppose John is willing to pay $90 for a book but the price of book is $80, so the consumer surplus of John will be $10($90-$80).
Answer the following questions in your own words. Start a new thread while replying. 1. What is consumer surplus? How do we calculate it? Provide one real-world example to explain. 2. What is producer surplus? How do we calculate it? Provide one real-world example to explain. 3. Refer to the graph below: Prio 90 Suply 30 30 20 10 Dend 10 20 Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased from $40 per unit to $60 per unit. (for example, explain loss to the existing buyers and loss to the buyers who left the market).
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Transcribed Image Text:Answer the following questions in your own words. Start a new thread while replying. 1. What is consumer surplus? How do we calculate it? Provide one real-world example to explain. 2. What is producer surplus? How do we calculate it? Provide one real-world example to explain. 3. Refer to the graph below: Prio 90 Suply 30 30 20 10 Dend 10 20 Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased from $40 per unit to $60 per unit. (for example, explain loss to the existing buyers and loss to the buyers who left the market).
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