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- There are four consumers willing to pay thefollowing amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10Each firm can give at most one haircut. To achieveefficiency, how many haircuts should be given?Which businesses should cut hair and whichconsumers should have their hair cut? How largeis the maximum possible total surplus?Kyra buys an iPhone for $240 and gets consumersurplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180,what would her consumer surplus have been?c. If the price of an iPhone were $500, what wouldher consumer surplus have been?There are 40 people living in a village each having preference over apples andshirts represented by U(a,b) = a1/3s2/3, where a and s are amount of applesin pounds and shirts consumed, respectively. The price of a shirt is $10. Each villager has $300 income. Apples are supplied to the village by a farmer, whose supply function is S(pa) = 1000pa.Part a1What is the equilibrium price of apples? How many pounds of apples does eachvillager consume?Part a2What is the aggregate net consumer surplus at the equilibrium?Part a3What is the price elasticity of demand at the equilibrium?Part b1Suppose 50 more people move in to the village. What is the equilibrium pricenow? Part b2Are consumers better or worse off now? Why? If a consumer is worse off, byhow much additional income he/she needs to be compensated in order to be aswell off as in Part a.
- A) If the price of a canister of maple syrup is $35, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $35? B) If the price of a canister of maple syrup drops to $25, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $25? C) If the price of a canister of maple syrup drops to $15, how many canisters will Joe Mapleworth purchase & what is Joe Mapleworth's consumer surplus at $15?Melissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?b. If she had bought the iPod on sale for $90, what would her consumer surplus have been?c. If the price of an iPod were $250, what would her consumer surplus have been? (3) * Add fileYou are considering shoplifting a head of broccoli from the farmer’s market in SLO. Your buyer value for the broccoli is $1.75. The broccoli is available for legal purchase for $1.50. For comparison purposes, assume that if you don’t steal the broccoli, you will make the choice that makes you best off within the law. Which statement below is correct? Group of answer choices: -Stealing the broccoli leads to an increase in total surplus but also causes a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to a decrease in total surplus and also cause a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to an increase in total surplus and does not harm anyone else. -Stealing the broccoli does not lead to an increase or decrease in total surplus and also causes a reduction in surplus for owners of the broccoli.
- Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?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 isa. $10. b. $40. c. $70. d. $100. PreviousNextGive proper Explanation of the answer Cathy is willing to pay$40for a subway and Aby is willing to pary only$35. The price of the subway is$30. Suppose Cathy manages to buy the last subway. However, for some teason, the restaurant decides to take the newly bought subway from Cathy, refund Cathy the price he paid and let Ally buy the subway at$30. a. the sum of consumer surplus and producer surplus increases. b. the producer surplus increases ic the consumer sieplus decreasets d. the consumer vurolus increases e. the produghr surplus decreases Clear my choice
- Sefronia and Bella share an apartment and they are deciding whether or not to purchase a weekly housecleaning service. The value of the service to each of them is $50 and it costs $80 to hire a housecleaner. Should they hire a housecleaner? A. Yes, if each contributes $50, then each stands to gain a consumer surplus. B. No, because each will wait for the other to hire the housecleaner. C. Yes, but only if a housecleaner will accept $50 so that each can take turns to pay the housecleaner. D. No, because it will be difficult for them to agree on which housecleaning service to use.There are four consumers willing to pay the amounts for following haircuts:Gloria:$35 Jay:$10 Claire:$40 Phil:$25.There are four haircutting businesses with the following cost:FirmA:$15FirmB:$30FirmC:$20FirmD:$10.Each firm has the capacity to produce only one haircut.To achieve efficiency,how many haircuts should be given?Which businesses should cut hair and which consumers should have their hair cut?How large the maimum total surplus?Assume the price of a particular paint brush is $3.50. Denise purchases the paint brush for $3.50 but was wiling to pay $5.00. Ted purchases the paint brush for $3.50 but was willing to pay $4.00. What is the total consumer surplus for Denise and Ted? Group of answer choices $2.00 $4.00 $5.00 $3.55 $1.50