Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 3.A, Problem 8SQ
To determine
The
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Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?
The graph shows the demand curve for wallets and the market price of a wallet.
Price (dollars per wallet)
18.00-
What is the consumer surplus on wallets?
16.00-
What is the total expenditure on wallets?
14.00-
What is the total benefit of wallets?
Market
12.00-
price
....
10.00-
Draw a point that shows the quantity of wallets bought and the price paid.
8.00-
Draw a shape that represents the consumer surplus.
Label it CS.
6.00-
4.00-
Draw a shape that represents total expenditure.
Label it TE.
2.00-
m
0.00-
30
Quantity (wallets per day)
15
45
60
75
90
105
The consumer surplus is $-
As
Total expenditure on wallets is
>>> Draw only the objects specified in the question.
SS
Total benefit of wallets is $
O Time Remaining: 00:54:18
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rse (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e
Chris is buying apples. Suppose the price of apples is $1. Chris is willing to pay $5 for
the first apple, and $2 for the second apple, and $0.5 for the third apple. What is
Chris' consumer surplus?
Your Answer:
5
Your Answer
Chapter 3 Solutions
Micro Economics For Today
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Producer surplus measures the value between the...Ch. 3.A - Prob. 10SQCh. 3.A - Prob. 11SQCh. 3.A - Prob. 12SQCh. 3.A - Prob. 13SQCh. 3.A - Prob. 14SQCh. 3.A - Prob. 15SQCh. 3.A - Prob. 16SQCh. 3.A - Prob. 17SQCh. 3.A - Prob. 18SQCh. 3.A - Prob. 19SQCh. 3.A - Prob. 20SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Which of the following would not cause market...Ch. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
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Similar questions
- 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).arrow_forwardQUESTION 13 If your willingness to pay for a coffee is 35 dirhams, and the price is 20 dirhams. What is your consumer surplus after you buy the coffee?arrow_forwardWhat is meant by consumer surplus? a It is the total quantity of a good bought by a consumer divided by the price paid. b It is a measure of an individual consumer's utility from the consumption of a good. c It is the difference between a consumer's maximum willingness to pay and the price. d It is a measure of the total benefit to consumers from the purchase of a good.arrow_forward
- surplus is the difference between the maximum price a consumer is (or consumers are) willing to pay for a product and the actual [market] price. A. Producer B. Consumer C. Nonearrow_forwardRyan would be willing to pay $1 for a lollipop. Sarah would be willing to pay $0.50. The price of the lollipop is $0.75. What is Ryan and Sarah's combined consumer surplus? a. $0 b. $0.25 c. $0.50 d. $0.75 Can someone please explain to me why the correct answer here is $0.25? I did the calculations and i keep getting $0 the follwing is my calculationsarrow_forwardThe demand curve for cookies is downward sloping. When the price of cookies is $3.00, the quantity demanded is 100. If the price falls to $2.00 what happens to consumer surplus?arrow_forward
- Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the consumer surplus? a. 200 b. 400 c. 600 d. 800arrow_forward27. If the demand for a pack of cigarettes is Q=50-$5P For a typical smoker and the price per pack is $8, how many packs of cigarettes does the person buy? What is his/her consumer surplus?arrow_forwardDetermine whether the following statements is true or false, and explain why. The consumers’ surplus and the producers’ surplus equal each other.arrow_forward
- The price of apples that shane buys monthly drops from $8 to $4, the equilibrium quantity is 4. What would be the increase amount of consumer surplus?arrow_forwardThere 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 Worarrow_forwardFor each scenario, decide whether it results in a producer or consumer surplus. Then calculate the resulting surplus. Alice is willing to spend $30$30 on a pair of jeans and has a coupon for $10$10 off. She purchases a pair of jeans that costs $35$35 pre-discount. Alice receives a Alice's surplus: $ Jeff finds steak in the supermarket priced at$16$16 but that he would have been willing to pay $20$20 for. The butcher notices the meat is near the expiration date and gives him an extra 7575% off. Jeff receives a producer surplus. consumer surplus. Jeff's surplus: $ Nicole has a hockey puck from the 2018 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if the winning bid is greater than or equal to $500$500. After the bidding closes, the last bid stands at $501$501. Nicole receives a Nicole's surplus: $arrow_forward
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