The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in Eldham's piano market are given in the table below. Each buyer onlý buys one unit of the good, if they buy at all. Each seller only sells one unit of the good, if they sell at all. What is Total Surplus in the piano market? Enter a number only. Do not enter the $ sign. Hints: (1) Trades in a market are voluntary, think about what trades could take place. (2) Do you really need price to find Total Surplus? BuyerMWTPSellerMC $57 $40 $167 $88 $139 $151 C $45 $109 X $111 Y $82 $51 $173 IN EF

If the current market price is $8, average income is $40,000 and the demand curve is Qd = 120-4P +.001, how to you find the market's total demand curve and market's consumer surplus?

Last Saturday, Sammy supplied 100 baskets of strawberries at the farmer’s market when the equilibrium price was $3.  This Saturday, he supplied 120 baskets of strawberries when the equilibrium price increased to $4.  Sammy’s producer surplus did not change;  it was the same this Saturday as it was last Saturday. Select one: True False

The demand curve for a certain product is given by p(q)=573−q2. The supply curve is given by p(q)=1.2q2. Find the consumer surplus at equilibrium.   The consumer surplus at equilibrium is ​$enter your response here. If​ necessary, round to two decimal places. Do not include units.

01. What would be the impact in this market, of a price floor set at $10     a) A market surplus of 7     b) A market surplus of 10     c) A market surplus of 21     d) There would be no impact     e) A market shortage of 7     f) A market shortage of 10     g) A market shortage of 21 02. What would be the impact in this market, of a price floor set at $13     a) A market surplus of 7     b) A market surplus of 10     c) A market surplus of 21     d) There would be no impact     e) A market shortage of 7     f) A market shortage of 10     g) A market shortage of 21

Economic surplus is maximized in a competitive market when       .   options:   The deadweight loss equals zero.   All the options are correct.   Quantity demanded is equal to quantity supplied.   Marginal benefit equals marginal cost.

Consider a market with the equilibrium quantity = 100 and the equilibrium price = 50. Without further information on the market, can we answer the quantity that maximizes the total surplus? If we can, answer the quantity. If we cannot, answer “Cannot”.

Part 1 = Justin's inverse demand for a good is given by p is his gross consumer surplus if the per-unit price is p = 2.00? Part 2 What is Justin's consumer's surplus? 47.00-2.00q. Assuming that there are enough suppliers to meet his demand, what (Round to the nearest two decimals if necessary.) (Round to the nearest two decimals if necessary.)

Consider the inverse demand curve: p=70-2Q. Assume the market price is $20.00. Calculate consumer surplus at the equilibrium market price and quantity. Consumer surplus (CS) is $. (Enter your response rounded to two decimal places.)

Consumer surplus is equal to the difference between