Table 7-4. For each of the three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. Allison Bob Charisse First Orange 2.00 1.50 0.75 increases by $0.75. decreases by $1.00. decreases by $0.95. Willingness to Pay decreases by $0.75. (Dollars) Second Orange 1.50 1.00 0.25 Refer to Table 7-4. If the market price of an orange increases from $0.80 to $1.05, then consumer surplus Third Orange 0.75 0.60 0.00

Table 7-4. For each of the three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. Allison Bob Charisse First Orange 2.00 1.50 0.75 increases by $0.75. decreases by $1.00. decreases by $0.95. Willingness to Pay decreases by $0.75. (Dollars) Second Orange 1.50 1.00 0.25 Refer to Table 7-4. If the market price of an orange increases from $0.80 to $1.05, then consumer surplus Third Orange 0.75 0.60 0.00

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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