Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 3, Problem 23APA
To determine
The change in
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Students have asked these similar questions
Look at the tables below.
Person
Bob
Barb
Bill
Bart
Brent
Betty
$
Maximum Price
Willing to Pay
$17
14
13
12
11
10
Person
Carlos
Courtney
Chuck
Cindy
Craig
Chad
Instructions: Enter your answers as a whole number.
a. What is the total surplus if Bob buys a unit from Carlos?
$
b. What is the total surplus if Barb buys a unit from Courtney?
$
c. What is the total surplus if Bob buys a unit from Chad?
Minimum
Acceptable Price
$6
7
8
9
10
11
d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that
can be achieved?
Refer to the figure and table to answer the following questions:
Price (dollars per ounce)
0.50
0.45
0.40
0.35
0.30
2 0.25
0.20
0.15
0.10
0.05
ABCDEFG
с
H
J
A
B
с
Point H to | =
D
E
F
G
Price (per Ounce)
$0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
H
0
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Quantity Demanded (ounces per show)
21
Quantity Demanded
(Ounces per Show)
1
2
4
6
9
12
16
20
25
30
Instructions: In part a, round your responses to one decimal place. In part b, round your responses to two decimal places.
a. Compute the price elasticity between points C and D and points H and I.
Point C to D =
b. Compute the total revenue at points C, D, H, and I.
At point C = $
At point D = $
At point H = $
At point I = $
c. If there is a price decrease, total revenue will increase when demand is (Click to select)
Using the examples below, select the correct reposnse to each example
Examples
Quantity
Demanded
Price of steel increases, effect on
Ford
Ford raises the price on
Expeditions, effect on consumers
Price of Chevy's increase, effect on
Ford
Price of SUV's increases Ford,
effect on Ford
Gas drastically increases in price,
effect on Ford F-150's.
Demand
0
0
0
0
Supply
000
0
Quantity
Supplied
0
Chapter 3 Solutions
Macroeconomics
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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