Alex is willing to pay $10, and Bella is willing to pay $8, for 1 pound of ribeye steak. When the price of ribeye steak increases from $9 to$11,Select one:a.Alex experiences a decrease in consumer surplus, but Bella does not.O b. both Bella and Alex experience a decrease in consumer surplus.Bella experiences a decrease in consumer surplus, but Alex does not.O d. neither Bella nor Alex experiences a decrease in consumer surplus.

Consumer surplus is that part which are lies below the demand curve and above the price level. On…

Answered: Alex is willing to pay $10, and Bella…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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] It is a hot day, and Elmo is thirsty. Here is the value of Elmo places on a bottle of water:] Value of first bottle $7 Value of second bottle $5 Value of third bottle $3 Value of fourth bottle $1 From this information, derive Elmo’s demand schedule. Then graph his demand curve for bottled water. If the price of a bottle of water is $4, how many bottles does Elmo buy? How much consumer surplus does Elmo get from his purchases? Show Elmo’s consumer surplus in your graph. If the price falls to $2, how does quantity demanded change? How does Elmo’s consumer surplus change? Show these changes in your graph.
It is a hot day and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of Water Value Value of first bottle $7 Value of second bottle $5 Value of third bottle $3 Value of fourth bottle $1 From this information, derive Bert’s demand schedule. Graph his demand curve for bottled water. If the price of a bottle of water is $4, how many bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert’s consumer surplus in your graph. If the price falls to $2, how does quantity demand change? How does Bert’s consumer surplus change? Show these changes in your graph.
Q 2::: It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Value of first bottle $7 Value of second bottle 5 Value of third bottle 3 Value of fourth bottle 1 a. From this information, derive Bert’s demand schedule. Graph his demand curve for bottled water. b. If the price of a bottle of water is $4, how many bottles does Bert buy? How much consumer surplus does Bert get from his purchases? Show Bert’s consumer surplus in your graph. c. If the price falls to $2, how does quantity demanded change? How does Bert’s consumer surplus change? Show these changes in your graph.
4 d'Artagnan, Athos, Porthos, and Aramis are good friends and passionate readers of modern fiction. When Alexandre Dumas's new book 'The Three Musketeers' came out last month, they all went to buy a copy. The price was 5 francs. Their willingness to pay were as follows: d'Artagnan: 35 francs, Athos: 30 francs, Porthos: 25 francs, and Aramis: 20 francs. Assuming there was no shortage of the book, the total consumer surplus was 110 francs 70 francs 90 francs 50 francs We cannot compute the total consumer surplus without information about the costs.
A) If the price of a canister of maple syrup is $35, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $35? B) If the price of a canister of maple syrup drops to $25, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $25? C) If the price of a canister of maple syrup drops to $15, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $15?
If a freeze ruined this year’s lettuce crop, illustrate then explain what would happen to consumer surplus?
(Look At image to solve these) a. What is the consumer surplus in the equilibrium? b. Suppose there is an increase in the cost of producing flash drives such that the quantity demanded decreases by 1,000 units for each price. What is the consumer surplus at the new equilibrium?
Melissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?b. If she had bought the iPod on sale for $90, what would her consumer surplus have been?c. If the price of an iPod were $250, what would her consumer surplus have been? (3) * Add file

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