If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam’s consumer surplus is
a. $10.
b. $40.
c. $70.
d. $100.
PreviousNext
Q: In Figure 1, suppose the marginal value for gasoline falls by $6 for every quantity demanded for all...
A: After the marginal value for gasoline falls by $6 for every quantity demanded for all gas stations i...
Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity ...
A: Step 1:The general formulas to determine the total output (TP), the marginal production cost of vari...
Q: Why is air pollution a matter of ethics?
A: Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and rec...
Q: Suppose a handbill publisher can buy a new duplicating machine for $ 500 and the duplicator has a 1...
A: In the question, the handbill publisher can buy a new duplicating machine that would help to cost to...
Q: If the price of one of the products is associated with indifference curves increase, all else the sa...
A: An indifference curve is a graphical representation of different combinations of two commodities tha...
Q: If the supply of tennis balls, a complement to tennis racquets, decreases, what will happen to the e...
A: If the supply of tennis balls decreases, the equilibrium price of tennis balls increases and the qua...
Q: Using the aggregate demand and aggregate supply model, explain the effects of the following on price...
A: Click to see the answer
Q: Consider the production function of the firm below. Which of the following is NOT true? The marginal...
A: The marginal product of labor at B is 70 units – It is true (70-0)The total product is increasing as...
Q: Draw your indifference curve for wine and cheese. List and discuss the 4main properties of the indif...
A: The indifference curve is the graphical representation of different combination of two commodity wit...