Consumer Willingness to Pay Willingness to Accept Seller Malcolm 20 Walter Hank Saul Lois 20 13 35 Francis 30 Hal 30 Jesse Dewey Reese 10 28 Skyler Gus 18 20 The table above shows the willingness to pay for the Wilkerson family and the willingness to accep for the White family. The two families are the only people in the market for the good. What is the equilibrium price in the market? O 10 20

Consumer Willingness to Pay Willingness to Accept Seller Malcolm 20 Walter Hank Saul Lois 20 13 35 Francis 30 Hal 30 Jesse Dewey Reese 10 28 Skyler Gus 18 20 The table above shows the willingness to pay for the Wilkerson family and the willingness to accep for the White family. The two families are the only people in the market for the good. What is the equilibrium price in the market? O 10 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 15 Refer to the figure below. 12- 11 10 9 8 10 20 30 40 50 60 70 80 90 100 110 120 Q If price in dollars is on the vertical axis and the quantity is on the horizontal axis, then consumer surplus at the equilibrium Price and Quantity is? O Cannot be determined. O $90. O $180 O $300.
20 110 Supply 06 08 70- Demand 09 45 40 30- %3D 20 10 20 30 40 SO 60 70 80 90 100 10 120 130 140 150 160 170 Quaxtity Refer to the above figure. At the equilibrium price, total surplus is O $2,500. O $1,000. O $3,500. O $7,000. « Previous No new data to save. Las MacBook Pr
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2. Individual demand and consumer surplus Consider the market for electric vehicles. The market price of each electric vehicle is $280,000, and each consumer demands no more than one electric vehicle. Suppose that Manuel is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $490,000. Based on Manuel's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Manuel's consumer surplus using the green rectangle (triangle symbols). Manuel’s Consumer Surplus012345560490420350280210140700PRICE (Thousands of dollars)QUANTITY (Electric vehicles)Manuel’s DemandMarket Price Now, suppose another buyer, Poornima, enters the market for electric vehicles, and her willingness to pay is $420,000. Based on Poornima's and Manuel's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Manuel's…
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Use the figure below to answer the following questions. Price (dollars per unit) 10 Select one: O A. $4 O B. $10 O C. $7 O D. $3 O E. $1 8 6 4 2 0 2 4 6 Figure 5.2.1 O 8 10 Quantity (units) Consider Figure 5.2.1. When the price is $4 a unit, what is the consumer surplus from the second unit of the good?
Supply $4 $3 $2 Demand 100 150 Quantity If price is increased from $3 to $4 in the graph above, consumer surplus will fall by:. 100 O50 O 25 125
Studies have shown that producing Good X generates pollution that is harmful - even for consumers who may not purchase/consume Good X themselves. If prices for this good are simply determined in a free market, which of the following will occur? O The market price of Good X will be too low and the quantity produced and sold will be too high. The market will be efficient because markets always regulate marginal benefits and marginal costs of all consumers. The market price of Good X will reflect the marginal social benefit received by nonconsumers of Good X. O The market price of Good X will be efficient but the quantity produced and sold will be too high. O The price of Good X will overstate the true external costs imposed on nonconsumers of Good X.
PRICE 20 18 16 14 12 10 Demand 1 6 4 25 units. O27 units. Consumer 1 9 units. 2 units. 2460 10 12 14 16 18 20 QUANTITY PRICE 27 24 21 718 15 12 9 6 Refer to Figure 4-2. If these are the only two consumers in the market, then the market quantity demanded at a price of $3 is Consumer 2 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY
4 d'Artagnan, Athos, Porthos, and Aramis are good friends and passionate readers of modern fiction. When Alexandre Dumas's new book 'The Three Musketeers' came out last month, they all went to buy a copy. The price was 5 francs. Their willingness to pay were as follows: d'Artagnan: 35 francs, Athos: 30 francs, Porthos: 25 francs, and Aramis: 20 francs. Assuming there was no shortage of the book, the total consumer surplus was 110 francs 70 francs 90 francs 50 francs We cannot compute the total consumer surplus without information about the costs.
ADVANCED ANALYSIS Assume the following values for the diagrams below: Q = 12 bags. Q2 = 7 bags. Q3 = 19 bags. The market equilibrium price is $46 per bag. The price at point a is $70 per bag. The price at point c is $10 per bag. The price at point d is $56 per bag. The price at point e is $31 per bag. The price at point fis $67 per bag. The price at point gis $32 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. %3D %3D (a) (b)