Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received A) producer surplus. B) consumer surplus. C) marginal cost. D) total surplus.
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- Q. Analyze relation between law of demand and law of deminishing marginal cost?Margaret will buy 3 cookies and her surplus is 4.5. Dennis will buy 4 cookies and his surplus is what? I put dennis surplus to be 24 and it was incorrect. What is Dennis surplus?Explain how sellers’ costs, producer surplus, and thesupply curve are related.
- 3. PLEASE READ CAREFULLY AND SAY THE BEST ANSWER The total surplus of a pure and perfect market is represented by the sum of the areas a) ABDEFGHIJ • b) ADEFGH • C) ABDEFGH. • d) ACDEErnie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Bottle of water Cost Cost of 1st bottle $1 Cost of 2nd bottle $3 Cost of 3rd bottle $5 Cost of 4th bottle $7 If the price rises to $6, how does quantity supplied change? How does Ernie’s producer surplus change? Show these changes in your graph.Amrin goes to Sportsmart to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Amrin's consumer surplus from the purchase is
- Akbar bought a $40 a ticket to a comedy show. He values the show at $167. Birbal values watching the show at $136. If I force Akbar to give his ticket to Birbal what is the change in total surplus? Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreasedNaisa buys an iPhone for $240 and gets consumer surplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180, what would her consumer surplushave been?c. If the price of an iPhone were $500, what would her consumer surplus have been? Answer must be correct.Show step by stepcalculation.The market for apple pies in the city of Ectenia iscompetitive and has the following demand schedule:Price Quantity Demanded$1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0Each producer in the market has fixed costs of $9 andthe following marginal cost schedule:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost andaverage total cost for each quantity from 1 to6 pies.b. The price of a pie is now $11. How many pies aresold? How many pies does each producer make?How many producers are there? How much profitdoes each producer earn?c. Is the situation described in part (b) a long-runequilibrium? Why or why not?d. Suppose that in the long run there is free entryand exit. How much profit does each producerearn in the long-run equilibrium? What isthe market price? How many pies does eachproducer make? How many pies are sold inthe market? How many pie producers areoperating?
