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A consumer is willing to pay $4 for a bag of pretzels, but the price is $1. The
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- Please answer the correct answer please Don't answer by pen paper please if a consumer is willing to pay $20 for a pizza, but the price of the pizza is $10, then the consumer surplus resulting from the customer's purchase of the pizza isJanice is willing to pay $100 for the first pair of shoes, $80 for the second pair, $50 for a third, and $30 for a fourth. If shoes cost $50, Janice will buy _____ pairs of shoes and her total consumer surplus will equal _______.Once the buyer and seller agree on a price and exchange the product, a total surplus is "realized" as the "gains from trade." True or false?
- What is the value of the consumer surplus if the market price is $15? Group of answer choices $10 $5 $20 $30The rent on an apartment in a particular building near campus is $1,200 per month. If Min would be willing to pay up to $1,400, Genevieve would be willing to pay up to $1,500, Fraser would be willing to pay up to $1,600, and Kayden would pay no more than $1,000, what is the consumer surplus for this group of students who would like to live in the building? Explain how you calculated this consumer surplusSuppose there is an early freeze in California that reduces the size of the lemon crop. As the price of lemons rises, what happens to consumer surplus in the market for lemons?
- Consumer surplus is a measure of the difference between:The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15. Suppose the market price is $29. What is the total consumer surplus? The market price decreases to $19. What is the total consumer surplus now? When the price falls from $29 to $19, how much does each consumer’s individual consumer surplus change? How does total consumer surplus change?
- What is the maximum price consumers are willing to pay for the 25th hot dog? At the market equilibrium, what are the consumer surplus, producer surplus and total surplus? Show your steps.Consider the market for packs of pens on campus, the demand for which is shown in the graph below. How much larger is consumer surplus when the price of pens is $1 instead of $3?.will a consumer buy a good if his consumer surplus is zero?
