Q: Graphically, how is the consumer surplus measured? A. the area under the demand curve and above the…
A: The surplus of consumers is a measure of consumer wellbeing. It is defined as the difference between…
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A: Part 1Consumer will consume a good till a point where market price is less than or equal to the…
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A:
Q: Explain the relationship between the law of diminishing marginal utility and the law of demand.
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Q: When the income of buyers of good X rises the equilibrium price of good X will (assume X is an…
A: A good whose demand fall with the increase in income of the consumer is known as an inferior good.
Q: According to Marshall, the basis of consumer surplus is Law of diminishing MU
A: To find : What is basis of consumer surplus.
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Q: 3. Consumer surplus for a group of consumers The following graph shows the demand curve for a group…
A: With the help of given information following graph can be drawn: The willingness to pay for three…
Q: price of the complement decreases.
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A: Equilibrium is the state of stability that is attained in the market at the price and quantity where…
Q: What is an inferior good?
A: An inferior good is a type of good which is consumed less when the income increases. For example -…
Q: Explain the meaning of consumer surplus with the help of example.
A: The consumer surplus is the difference between the consumer willingness to pay and what the will…
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A: Seller is person who sales goods and services in market in order to make some money . And seller is…
Q: What is the consumer surplus when the price is $20?
A: option c is the correct Answer Consumer surplus $1000 Explanation shows below :-
Q: The difference between the price a consumer is willing to pay for a product and the price the…
A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…
Q: What are the factors that caused the consumer surplus?
A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…
Q: Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?
A: Consumer surplus is the measure of the price of a consumer's willingness to pay less actual price of…
Q: What is the market equilibrium?
A: The market is where two or more individuals interact to exchange commodities or services in terms of…
Q: Andi is willing to buy a shoe X for Rp. 100, Budi is willing to buy a shoe X for Rp. 90, Tono is…
A: Consumer Surplus refers to the difference between consumer's willingness to pay a particular price…
Q: If there is a surplus of a commodity, then, the price will rise إخكر واحدان thi O
A: Disclaimer: Since you have asked multiple questions, we solve the first one for you. If you require…
Q: Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?
A: Demand: It refers to the quantity of a commodity that the consumer is willing and able to purchase…
Q: The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular…
A: Change in Demand: The term change in demand is also known as the shift in the demand curve and this…
Q: Discuss it in your own understanding and then give example each of the following: Consumer and…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: On a graph, consumer surplus is represented by the area
A: Consumer surplus is the difference between the price a consumer is willing to pay and the actual…
Q: How price equilibrium is achieved?
A: Concept At the point where the AD and AS curves connect, macroeconomic equilibrium leads to wastage…
Q: When the income of buyers of good X rises the equilibrium price of good X will (assume X is an…
A: The inferior goods are characterized as goods of low quality and goods which have other better…
Q: Can consumer surplus be zero? If yes then in what scenario does this happen?
A: The formula for consumer surplus is:- = Maximum willingness to pay - Market price Every Consumer has…
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A: The demand and the supply curve represents the Market situation as these are the two most important…
Q: Define the term substitute goods. Please explain in details.
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Q: Draw a market diagram showing how the equilibrium point changes if buyers income increase
A: Let initial supply and demand curve is as follows
Q: What is consumer surplus
A: Consumer purchases goods and services to satisfy their needs and wants. The concept of consumer…
Q: Which of the following is most likely an inferior good?
A: Inferior Goods - It is a good for which quantity demanded tends to decrease as the individual’s…
Q: if the price fall from p0 to p1, the change in consumer surplus is equal to what area?
A: Consumer surplus is the difference between the maximum willingness to pay for the good and actually…
Q: Which will cause the demand curve for an inferior good to shift in? 1. decrease in income 2.…
A: A demand curve is the graph between quantity demanded of a good at different prices of that good.
Q: Each point on the demand curve reflectsA) the highest price consumers are willing and able to pay…
A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…
Q: What happens if a consumer's income increases and the supply remains constant?
A: Income of consumers and quantity demanded are positively related.
Q: What is surplus
A: When there is a mismatch between supply and demand for a commodity, or when some people are ready to…
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- Explain why you think that the demand of one product may diminish as prices are increasedvSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.What is the consumer surplus is you buy a 65 inch 4K tv you have wanted for $50.