Jennifer buys a plece of costume Jewelry for S30, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $20. Jennifer experlences a Multiple Cholce consumer surplus of $12. and Nathan experiences a consumer surplus of $12. producer surplus of $10, and Nathan experlences a producer surplus of $42. consumer surplus of $10, and Nathan experlences a producer surplus of $12. producer surplus of $12, and Nathan experlences a consumer surplus of $10. consumer surplus of $12. and Nathan experlences a producer surplus of $10.

Jennifer buys a plece of costume Jewelry for S30, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $20. Jennifer experlences a Multiple Cholce consumer surplus of $12. and Nathan experiences a consumer surplus of $12. producer surplus of $10, and Nathan experlences a producer surplus of $42. consumer surplus of $10, and Nathan experlences a producer surplus of $12. producer surplus of $12, and Nathan experlences a consumer surplus of $10. consumer surplus of $12. and Nathan experlences a producer surplus of $10.

Name: How do i solve this one? Jennifer buys a plece of costume Jewelry for
Uploaded: 2022-11-04T13:35:51.000Z
Channel: Bartleby
Description: How do i solve this one? Jennifer buys a plece of costume Jewelry for $30, for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $20. Jennifer experlences aMultiple Cholceconsumer surplus of $12, and Nathan exp

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 2SQ

See similar textbooks

Similar questions

Total 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
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?
Isabelle values her time at $60 an hour. She spends2 hours giving Jayla a massage. Jayla was willingto pay as much as $300 for the massage, but theynegotiated a price of $200. In this transaction,a. consumer surplus is $20 larger than producersurplus.b. consumer surplus is $40 larger than producersurplus.c. producer surplus is $20 larger than consumersurplus.d. producer surplus is $40 larger than consumersurplus.
Naisa 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.
John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B) If the price of the Mustang were $45,000, would would his conumer surplus have been?
With the aid of a diagram, illustrate how to calculate consumer and producer surplus surplus
Mellisa buys an iphone $240 and gets consumer surplus of $160
The demand for a good is given by QD = 800 – 0.5P. What is consumer surplus at P = $400? Group of answer choices $187,500. $781,000. $644,405. $720,000. $360,000.
QUESTION 1: The Chief Medical Officer has advised the government that consumption of widget-corn improves the survival rate of COVID-19 by 20%. Suppose the supply and demand functions for widget-corn are:QD = 100 – 5P (1) QS = 5P. (2) P is the price in dollar and Q is the quantity in kilograms. a. Determine the market equilibrium price and quantity of widget-corn? b. Calculate the consumer surplus, producer surplus, and total economic surplus at the market equilibrium. c. Having confirmed the positive impact of widget-corn consumption on COVID-19 patients, the government has ordered widget-corn sellers to charge $5 per kilogram. (i). What type of price regulation policy? Briefly explain. (ii). Calculate the impact of the policy on the quantity of widget-corn supplied and demanded. (iii) Explain the impact of the policy consumer surplus, producer surplus, and total economic surplus. (iv) Is the outcome of the government’s policy efficient and, therefore, maintained or abandoned?…
Ryan would be willing to pay $1 for a lollipop. Sarah would be willing to pay $0.50. The price of the lollipop is $0.75. What is Ryan and Sarah's combined consumer surplus? a. $0 b. $0.25 c. $0.50 d. $0.75 Can someone please explain to me why the correct answer here is $0.25? I did the calculations and i keep getting $0 the follwing is my calculations
Find the consumer surplus, producer surplus and total surplus, given the following: Demand: P = − Q2 − 8 Q + 70Supply: P = Q2 − 2Q+ 14
At the equilibrium price, consumer surplus is a. $1,600. b. $800. c. $700. d. $1,400.