Amanda buys a ruby for $340 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $190. Amanda experiences

Q: Darnell is skilled at making both earrings and bracelets. Darnell has no preference between making…

A: Opportunity cost refers to the value of the next best alternative use of a resource. It is the value…

Q: Doni is willing to sell a shoe X for IDR 30, Bobo is willing to sell a shoe X for IDR 40, Roni is…

A: Market price=$70

Q: The price of one unit of an item or amount is called unit price. Group of answer choices True False

A: unit price is a valuation method for consumers who buy in bulk.

Q: The demand curve indicates the consumer behaviour while the supply curve indicates the willingness…

A: The six condition that can distort the market equilibrium 1. Taxes  2. Subsidy  3. Price Floor  4.…

Q: An inferior good is Multiple Choice O generally of low quality. O purchased in the underground…

A: The good is either normal or inferior. For normal goods, the demand for the good increases as income…

Q: A good that crosses borders one or more times as it gets progressively assembled is called an…

A: The full vary of activities like style, production, marketing, distribution, and support to the…

Q: Student walks into his economics class 10 minutes late because he couldn't find a place to park.…

A: Yes, the failure of the person is related to the price of parking. It is known that the parking…

Q: $2.00 $1.50 $1.00 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for…

A: Equilibrium in the market is attained when demand is equals to the supply of the product. When…

Q: An Edgeworth box is shown for individuals M and N. In total, there are 100 units of good 'X and 80…

A: Edgeworth box represents the pareto efficient allocation. It represents the indifference curve of 2…

Q: "Essential" water is cheaper than "nonessential" diamonds because:        new industrial uses for…

A: When analyzing an economy, there used to be various contradictory theories that are also known as…

Q: Andi is willing to buy a shoe X for Rp. 100, Budi is willing to buy a shoe X for Rp. 90, Tono is…

A: Market price =$50

Q: Consumer surplus indicates that: A. more will be demanded at lower than at higher prices. B. it is…

A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: A website offers a place for people to buy and sell emeralds, but information about emeralds can be…

A: Imperfect information is one of the major causes of market inefficiencies that arises when buyers…

Q: What factors are used to judge if consideration is adequate to ensure a fair bargain? Choose 2…

A: For a consideration to be real, both sides must make a pledge. This means that one party must make a…

Q: Ralph will consume any health care service just as long as its MB exceeds the money he must pay out…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Q- A market is any arrangement that allows buyers and sellers to exchange things State whether the…

A: # We know that the two main driving forces of a market are buying and selling or we can say that…

Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: Given information: Juanita makes $16 an hour at work.  She takes 30 minutes to shop. She takes same…

Q: The marginal cost of the fifth sweatshirt is:

A: option D is the right answer Marginal cost of fifth sweatshirt is $17 calculation of marginal cost…

Q: $2.00 $1.50 $1.00 27 28 30 Millions of Gallons of Milk Per Week 20 35 Refer to the above dilagram…

A: Equilibrium refers to the point where the demand curve and supply curve intersects. In the above…

Q: Willingness to pay Select one a measures the value that a buyer places on a good. bis the maximum…

A: Willingness to pay is the amount an individual to ready to pay for the product.

Q: When the market is in equilibrium, the buyers are those with the ________ willingness to pay and the…

A: Demand curve shows an inverse relationship between price and quantity demanded and supply curve…

Q: The minimum acceptable price for a product that producer Sam is willing to receive is 100. The price…

A: Producer surplus is the difference between the price a producer is getting and its marginal cost.

Q: In the selling process or in negotiations, who typically has the upper hand, the buyer or the…

A: Introduction: The contact between a salesman and a potential buyer is referred to as the selling…

Q: .In economics, what a consumer is ready to pay minus what he actually pays, is termed as

A: To find : What is ready to pay minus actual pays.

Q: Suppose that there were 25 people who had a reservation price of $500, and the 26th person had a…

A: Demand curve shows the relationship between the price quantity demand. It shows the negative…

Q: Choices for the labelled parts 1. Movement along or shift of 2. Shift of or movement along 3. An…

A: A demand curve is a graph that shows the relationship between the price of a commodity and the…

Q: For a particular good, a 5% increase in price causes a 15% decrease in quantity demanded.  Which of…

A: 5% increase in price 15% decrease in quantity demand

Q: Market prices are a)irrelevant to a rational choice b) an indication of how scarce items are c)…

A: The price of a commodity when sold in a market is referred to as the market price of the commodity.

Q: Consider a consumer who is choosing between All Other Goods (AOG) and food. Suppose the market price…

A: We are going to draw the budget lines as per the various scenarios mentioned in the question.

Q: If people have different reservation prices, why does the market demand curve slope down?

A: Market demand curve- It is the sum of the demand curve of individuals.

Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: Given information Juanita makes $16 per hour at work.  She wants to buy a suit, for that she has to…

Q: A website offers a place for people to buy and sell emeralds, but information about emeralds can be…

A: Both customers and suppliers have complete and timely awareness of all commodity values, their…

Q: y are willing to pay for the next unit of the good.     (b) Represents the value of that unit of…

A: The equilibrium is defined as point where demand is equal to supply.The market demand curve…

Q: Rational decisions are made through a process (a) that takes a long time and much effort (b) of…

A: Rationality may be defined as an ability and willingness to follow a reasoned, unemotional and…

Q: If the minimum wage is set above the equilibrium wage, the quantity of labor supplied by workers is…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Explain two factors that determine a buyer’s reservation price? No more than 3 lines

A: A reservation price is a limit on the price of a good or service. It is usually the minimum price at…

Q: If MRS of Good X and good Y is 2 And price of good X is $60 Find the value of price of Good Y

A: The information being given is:- MRSXY = 2 PRICE OF GOOD X = PX = $60 We have to calculate the price…

Q: Suppose that there were 25 people who had a reservation price of $500, and the 26th person had a…

A: Market is in equilibrium at the point where the demand is equal to supply. If the demand is greater…

Q: Justify or criticise markets for any two of the following: kidneys, children for adoption, votes,…

A: Markets are important for countries of the world. The economy can function only if the market…

Q: Compare and contrast price discounts and allowances, describing the types of each.

A: The markets refer to the place where the buyers, and sellers interact. In the markets, the sellers…

Q: You are selling seats at an upcoming concert. The concert hall has a total of 8,500 seats, which…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A minimum limit beyond which the price of commodity is not allowed.

A: In a competitive market, the equilibrium price and quantity of a good are determined at a point…

Q: When a pure pubic good is consumed Penggunaan sesuatu barang awam tulen a. this excludes other…

A: Public goods and the problem of free riders are related. Under the free rider problem, some people…

Q: 3rd party payments often cause the cost of health care to go down does third party payments to…

A: Third-party payments:- Anyone who's not the patient pays for medical care is referred to as a…

Q: pay $50, and person D is willing to pay $90. The willingness-to-pay is one

A: A and B will the pivotal person. They pay a combined tax of $60. Misreporting his willingness to pay…

Q: The figure below depicts the market for asparagus. At the market price of $2, ares A represents: a…

A: Equilibrium in the market occurs at the intersection of demand and supply curves. Price of $2 is the…