John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B)  If the price of the Mustang were $45,000, would would his conumer surplus have been?

At the equilibrium price, consumer surplus is s producer surplus is s and total surplus is $ If Kevin produced and Edison consumed one less bottle of water, total surplus would If instead, Kevin produced and Edison consumed one additional bottle of water, total surplus would

I think the answer for the following question is $60 because of 200-140 but I am not entirely sure. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Marco's consumer surplus from the purchase is A) $5. B) $60. C) $140. D) $200.

4. Consumer surplus for an individual and a market The following graph shows Teresa's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Teresa's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4,50 3.75 Price 3.00 2.25 1.50 0.75 4. 6. 8. 10 12 14 16 18 20 QUANTITY (Slices of cheesecake) PRICE (Dollars per slice)

Shana decides to buy a pair of used ripped jeans for $80. She was willing to pay $100. When her friend tanya sees the jeans, she loves them and thinks they are worth $165. So she offers shana $135 for the jeans, and shana accepts. Shana and tanya are both thrilled with the exchange. The total surplus received by both shana and tanya is $ ? Part 2 Suppose that shana purchased the jeans from Maries boutique. Marie and other boutique owners in town are upset that customers like shana buy jeans at their stores, and then resell them for a higher price. Marie and the other owners convince the city government to pass a law preventing such resale. Assuming the law is successful, how much surplus is lost if shana cannot sell the jeans to tanya? $. ?

Answer The correct answer is: 375 The graph shows the schedule for hours of tutoring in economics. Price (per hour of tutoring) $25 20 15 10 7.50 2.50 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) If the price increases from the equilibrium price of $10 to $15, total surplus will decrease, in numerals, by

Consider the supply and demand curves for taxi rides in the attached graph. If the price is $2.50 then consumers enjoy a surplus of______million dollars.

If the price of a hamburger falls from $2.00 to $1.50, the gain in consumer surplus to consumers who are persuaded to buy at the lower price (and who were not buying when the price was $2.00) is equal to:

Megan buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been s If the price of the iPhone had been $500, her consumer surplus would have been s

There are six potential consumers of computer games, each willing to buy only one game. The willingness to pay (WTP) of each is shown in the table. Consumer 1 2 3 4 5 6 f WTP $40 3.5 30 25 20 15 a. Suppose the market price is $29. What is the total consumer surplus? b. The market price decreases to $19. What is the total consumer surplus now? 59 Incorrect Incorrect Question Source: Krugman/Wells Se-Microeconomics | Publaher Wor