(Figure: Determining Surplus 2) In the graph, the producer surplus is equal to Hint: Use the area of a right triangle formula. P. 10 6. O A. $15 O B. $30 O C. $12 O D. $25
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- What is consumer surplus? How is it illustrated on a demand and supply diagram?Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is . If she had bought the iPhone on sale for $180, her consumer surplus would have been . If the price of the iPhone had been $500, her consumer surplus would have been6 . Consumer Surplus Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is $_________. If she had bought the iPhone on sale for $100, her consumer surplus would have been $_______. If the price of the iPhone had been $370, her consumer surplus would have been $_________.
- 7. Producer surplus for an individual and a market Suppose the market for apple pie is a perfectly competitive market—that is, sellers take the market price as given. Eric owns a restaurant where he sells apple pie. The following graph shows Eric's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line.USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The consumer surplus for the market for electric automobiles is $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).USE TABLE #1: Now, assume the market for electric automobiles is an efficient market. The producer surplus for the market for electric automobiles is $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).
- Pls answer the highlighted blanks. And for the labelled blanks the Choices are: 1. The change in total consumer surplus , or the total consumer surplus 2. Is $240, is $320, changes from $240 to $160, changes from $320 to $240June's evaluation of packets of nacho chips in terms of $MU is as follows: 1st packet: $4; 2nd packet: $3.50; 3rd packet: $2.90; 4th packet: $2.30; 5th packet: $1.60. If the price of nacho chips is $1.50, and June buys 5 packets, calculate her marginal consumer surplus for each packet and the total consumer surplus form all 5.c. Suppose the demand for French bread rises. Illustrate and briefly explainwhat happen to producer surplus in the market for French bread and itseffects on the price of French bread. d. Take note that the French bread is using flour as its main ingredient. Withthat, illustrate and explain what happens to producer surplus in the marketfor flour and the effect in the price of flour.
- What is total surplus? How is it illustrated on a demand and supply diagram?What is producer surplus? How is it illustrated on a demand and supply diagram?1) Complete the first two rows of the following table by indicating which areas on the graph represent consumer surplus and producer surplus prior to the shift in supply. Then complete the second two rows by indicating which areas on the graph represent consumer surplus and producer surplus after the change in production costs. Check all that apply. A B C D E F G Initial Consumer Surplus Initial Producer Surplus New Consumer Surplus New Producer Surplus 2) True or False: Consumers are hurt most by rising production costs when the supply of silverware is very elastic. True False
