harlie is willing to pay $12 for a T-shirt that Is priced at $10. If Charlie buys the T-shirt, then his consumer surplus Is Multiple Choice $120. $2. $22 more than $10. $12.
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- Janice 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 _______.(consumer surplus) The price of a fairly standard Boba tea is $6.00. I would be willing to pay $10 dollars for the first tea, S8 for the second, S7 for the third, S5 for the fourth, S3 for the fifth, S2 for the sixth, and nothing for any additional teas. How many teas would I buy?] 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.
- 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 beenq21- If Amy is willing to pay $800 for a new dress but is able to buy the dress for $600, her consumer surplus is: Select one: a. $600 b. $200 c. $800 d. $1400Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemand
- Alexis, Bruno, and Camila each want an ice-creamcone. Alexis is willing to pay $12, Bruno is willing topay $8, and Camila is willing to pay $4. The marketprice is $6. Consumer surplus equalsa. $6.b. $8.c. $14.d. $18.June'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.Chin purchases five protein bars at a price of $3 each. The marginal benefit he receives from each bar is $5 for the first bar, $4.50 for the second bar, $4 for the third bar, $3.50 for the fourth bar, and $3 for the fifth bar. The marginal cost of producing the bars is $2 each. What is Chin's consumer surplus on the fifth bar?
- Question 39 You are considering buying a monthly metro pass for the subway at $100 or paying $4 per ride (Pd). Your monthly demand curve is Pd = 60-2Qd where Qd is the number of rides per month. Given this information, your consumer surplus will be $784 buying each ride and $800 with the monthly pass. $600 buying each ride and $700 with the monthly pass. $784 buying each ride and $750 with the monthly pass. $750 buying each ride and $900 with the monthly pass.Andi is willing to buy a shoe X for Rp. 100, Budi is willing to buy a shoe X for Rp. 90, Tono is willing to buy a shoe X for Rp. 80. it turns out that when he arrives at the shop, the price of the shoe is Rp. 70, so the total consumer surplus is Rp. 60true or false?John bought a new iPhone13 for $1,271. He values the phone at $2,046. Tom values the phone at $2,584. If I force John to give his phone to Tom what is the change in total surplus?
