The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers inEldham's piano market are given in the table below. Each buyer onlý buys one unit of the good, ifthey buy at all. Each seller only sells one unit of the good, if they sell at all. What is Total Surplus inthe piano market? Enter a number only. Do not enter the $ sign. Hints: (1) Trades in a market arevoluntary, think about what trades could take place. (2) Do you really need price to find TotalSurplus?BuyerMWTPSellerMC$57$40$167$88$139$151C$45$109 X$111 Y$82$51$173INEF

In economics, the marginal cost of the production is change in the total production of cost that…

Answered: The Marginal Willingness to pay (MWTP)…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 5P

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