If the actual market price of potato chips is $2.50, and steve buys five bags as shown, what is the value of his consumer surplus?

D(x) is the​ price, in dollars per​ unit, that consumers are willing to pay for x units of an​ item, and​ S(x) is the​ price, in dollars per​ unit, that producers are willing to accept for x units. Find ​(a​) the equilibrium​ point, ​(b​) the consumer surplus at the equilibrium​ point, and ​(c​) the producer surplus at the equilibrium point.   ​D(x)=(x−9)^2​, ​S(x)=x^2+6x+57

The market for soccer balls is composed by 4 firms. Consider the following information on the quatity supplied at different prices: When the price for a ball is $25, the supply of firm 1 is 5, the supply of firm 2 is 2, the supply of firm 3 is 3, and the supply of firm 4 is 0. When the price for a ball is $50, the supply of firm 1 is 7, the supply of firm 2 is 5, the supply of firm 3 is 5, and the supply of firm 4 is 3. When the price for a ball is $75, the supply of firm 1 is 9, the supply of firm 2 is 8, the supply of firm 3 is 7, and the supply of firm 4 is 6. When the price for a ball is $100, the supply of firm 1 is 11, the supply of firm 2 is 11, the supply of firm 3 is 10, and the supply of firm 4 is 9. When the price is $50, the market supply of soccer balls is:   a. 20   b. 10   c. 30   d. 41

Must consumers' surplus equal producers' surplus at equilibrium price? please explain

Which of the following would lead to the creation of some consumer surplus? Sam refuses to pay $10 for a haircut because it is only worth $8 to him. Fred buys a car for $4000, the maximum amount that he is willing to pay. Danette pays $30 a month for phone service, but it is worth $70 a month to her. When Florence purchases a candy bar for 50 cents, she uses a $20 bill to pay for it.

Anderson is willing to pay $12. Kendrick can provide the item for $10, but producing the item imposes a cost of $8 on Talib. If Anderson purchases the item from Kendrick for $11, what is the total surplus from the transaction? (Remember, do not enter the $, and enter the - if TS is negative.)

Suppose Rajiv is the only seller in the market for bottled water and Kevin is the only buyer. The following lists show the value Kevin places on a bottle of water and the cost Rajiv incurs to produce each bottle of water: Kevin's Value Value of first bottle: $10 Value of second bottle: $7 Value of third bottle: $3 Value of fourth bottle: $1 The following table shows their respective supply and demand schedules: Price $1 or less $1 to $3 $3 to $7 $7 to $10 More than $10 Quantity Demanded Quantity Supplied 4 3 2 1 0 0 1 2 3 Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $7 Cost of fourth bottle: $10 4 Rajiv's Costs Use Rajiv's supply schedule and Kevin's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table.

Consumer surplus is a measure of the difference between: a)  The price which a consumer has to pay and the cost of producing the good (in a diagram, the area between the market price, and the supply curve). b)  The consumer’s willingness to pay, and the cost of production (the area between the demand curve and the supply curve). c)  The value which a consumer places on a unit of the good, and the market price (the area between the demand curve and the market price line). d)  The marginal revenue from sales and the marginal cost of sales (the area between the marginal revenue and the marginal cost curves).

The 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?

14. Over the past few year’s consumer tastes and the number of buyers in the market for a game called ‘pickle ball’ have increased dramatically.   Thus, the demand for tickets to pickle ball events has increased.   Before this all started the equilibrium price of a ticket to a pickle ball event was negative.   This means that:   A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero. A few years ago, the quantity of tickets demanded was less than quantity supplied. Pickle ball event tickets resembled the market for recyclable cardboard a few years ago Greater demand for pickle ball tournament tickets will lead to a greater demand – and higher pay – for professional pickle ball players. All of the above. B and D only