You run a small classroom market experiment with only three buyers and three sellers. The willingness to pay (reservation value) for buyer A is $7 for each unit; for buyer B, it is $5 for each unit; and for buyer C, it is $3 for each unit. The willingness to accept (reservation value) for seller X is $2 for each unit; for seller Y, it is $4 for each unit; and for seller Z, it is $6 for each unit. 1.) Using the multipoint curve drawing tool, draw the demand curve for this market. Label the curve appropriately. 2.) Using the multipoint curve drawing tool, draw the supply curve for this market. Label the curve appropriately. (Hit the "Esc" key after you have plotted your last point to exit the drawing tool) Carefully follow the instructions above, and only draw the required objects. Using the information given above, the equilibrium quantity is 2 units. Suppose the market is in equilibrium. Using the equilibrium price, the social surplus is $ 6. What if in your experiment, seller X and buyer C agree to a price of $2.50, seller Y and buyer B agree to a price of $4.50, and seller 2 and buyer A agree to a price of $6.50? All participants have managed to find a trade that benefits them individually. Given this information, the new social surplus will be OA. higher than the social surplus at the market equilibrium. B. equal to the social surplus at the market equilibrium. C. lower than the social surplus at the market equilibrium. Price ($) 24 Supply Demand Quantity

4 Which of the following are ways to improve study habits? Select one: a. Familiarization b. Active reading c. Take notes d. All of the above

Discussion Prompt: What are the limits of rational decision-making?

what first sink in your mind when we call applied economics

Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget?  2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget?  3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.

MICROECONOMICS  Questions 3  ( ALL OF IT IS ONE QUESTION!!!) For article 3 write the number of the graph that best describes what happened. Fill in only the appropriate boxes in the chart for article 3 and be sure and indicate if it is an increase or a decrease.  For the graph use an arrow to indicate an increase or a decrease. Make sure you fill in the graph PLEASE Leave it blank if there is no change   Masks (Now). The easing Covid-19 pandemic is expected to reduce demand for medical masks this year, joining a group of companies that have forecast a decline in business from Covid-19 prevention. Masks became a billion-dollar business for the St. Paul, Minn., manufacturer starting in 2020, when the virus’s rapid spread sent consumers and healthcare workers looking to secure facial coverings to try to avoid infection. Now, as the latest U.S. surge caused by the Omicron variant fades, 3M said they are seeing slowing mask sales. WHICH GRAPH BEST FITS THE ARTICLE.   Graph # Graph…

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How does marginality work in economics?

13_Economics