Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 2P
To determine
The producer surplus .
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Refer to Table 6.6 . If the six people listed in the table are the only producers in the market and the equilibrium price is $6 (not the $8 shown), how much producer surplus will the market generate?
Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $11, how much consumer surplus will the market generate?
Person
Maximum Price Willing to Pay
Actual Price (Equilibrium Price)
Bob
$16
$11
Barb
14
11
Bill
13
11
Bart
12
11
Brent
11
11
Betty
10
11
Instructions: Enter your answer as a whole number.
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Chapter 4 Solutions
Macroeconomics
Ch. 4.A - Prob. 1ADQCh. 4.A - Prob. 2ADQCh. 4.A - Prob. 3ADQCh. 4.A - Prob. 1ARQCh. 4.A - Prob. 2ARQCh. 4.A - Prob. 3ARQCh. 4.A - Prob. 1APCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Use marginal cost/marginal benefit analysis to...Ch. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7P
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- Suppose Dexter is willing to pay $5 for a chocolate bar, Draco is willing to pay $2, and Kimmey is willing to pay $1. If the market price is $2, then consumer surplus in this market is equal to When typing your solution, don't include $.arrow_forwardThe market for used phones is perfectly competitive without externalities. Market demand is Q=235-2P and Market Supply is P=2Q+11. Suppose the Marginal Cost (MC) increases by $10 at every quantity. What is market Producer Surplus after this increase in MC? (Note: this question is not asking for the change in PS, just the PS after the increase in MWTP) Enter a number only, drop the $ signarrow_forwardThe diagram to the right shows a market in which a price floor of $3.00 per unit has been imposed. With the price floor, consumer surplus is $ numeric response using an integer), (enter a producer surplus is $ deadweight loss is $ and surplus transferred from consumers to producers is $ " CD Price 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.00- 0 5 Price floor D 10 15 20 25 30 35 40 Quantity (in thousands) 45 S 50arrow_forward
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