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- Anderson is willing to pay $12. Kendrick can provide the item for $10, but producing the item imposes a cost of $8 on Talib. If Anderson purchases the item from Kendrick for $11, what is the total surplus from the transaction? (Remember, do not enter the $, and enter the - if TS is negative.)Multiple Choice Q2 Andy gives piano lessons. He has an opportunity cost of $50 per lesson and charges $60. He has two students: Bob, who has a willingness to pay of $70, and Carl, who has a willingness to pay of $90. When the government puts a $20 tax on piano lessons and Andy raises his price to $80, the deadweight loss is O $10, $20 O $10, $40 O $20, $20 O $20, $40 and the tax revenue isJia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend’s company and is willing to pay $30 just to spend an evening with her. If Jia does not go out to the restaurant, she will eat at home, using groceries that cost her $8. Calculate Jia’s benefits associated with going out to dinner with her friend
- The city debates about how to attract more people to dine out in Sydney Nick is from sydney. Has standard strictly convex preferences over restaurant meals and other goods. Dines out 4 times a month and spends $40 per meal. Spends $600 on Other goods (OG) at $1 per unit of OG Council is going to assist Nick to eat out more. a) Suggestion to give nick 4 meal vouchers per month, voucher is for one meal at $40 (Cannot be exchanged, sold or cashed) Must be spent on meals and not other goods. Draw budget constraint after receiving vouchers, put OG on the horizontal axis. What will happen to Nick’s consumption after receiving said vouchers (meals and OG are both normal goods) b)Alternative Suggestion to give Nick $160 in a month instead of 4 x $40 meal vouchers in a month, nick can buy whatever he wants with this money. Draw the new budget constraint under this alternative. What will happen to Nick’s consumption if he receives an extra $160 (meals and OG are both normal goods) c)…The city debates about how to attract more people to dine out in Sydney Nick is from sydney. Has standard strictly convex preferences over restaurant meals and other goods. Dines out 4 times a month and spends $40 per meal. Spends $600 on Other goods (OG) at $1 per unit of OG Council is going to assist Nick to eat out more. a) Suggestion to give nick 4 meal vouchers per month, voucher is for one meal at $40 (Cannot be exchanged, sold or cashed) Must be spent on meals and not other goods. Draw budget constraint after receiving vouchers, put OG on the horizontal axis. What will happen to Nick’s consumption after receiving said vouchers (meals and OG are both normal goods)Suppose that every consumer is on his/her budget constraint where MRS = 0.1, the price of good X is $2, the price of good Y is $1 and firms are operating on the PPF where MRT = 4. Assume the PPF is concave. To increase efficiency, consumers should consume [more, less , the same amount] of good X; [ore, less, the same amount] of good Y. To increase efficiency, firms should produce ["", "", ""] of good X; ["", "", ""] of good Y.
- 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 $1.50u₁(x11, X12) = x11×12, W₁ = (10,0); u₂(x21,×₂2) = X21+x22, W₂ = (5,10) Individual 1's consumption in a Pareto efficient allocation with u₁=100: (A) (10,0) (C) (10,10) (B) (15,100/15) (D) (12,25/3)13 sellers and 13 buyers are each willing to buy or sell one unit of a good, with values {$13, $12, $11, $10, $9, $8, $7, $6, $5, $4, $3, $2, $1}. If the market is competitive but the cost of market-making is $4 per transaction, the equilibrium quantity traded in the market is a. 4 b. 7 c. 9 d. 5.
- A firm has two types of customer. High-value customers have utility 3 ln(1 + x) − p if they buy xunits of the good for the price p. Low-value customers have utility 2 ln(1 + x)−p if they buy x unitsof the good for the price p. There are 10 customers of each type. The firm has the marginal costc < 1 for producing each unit of x. If customers do not buy anything they get zero utility. Help with question a) below please10. A social indifference curve showsa . all allocations that yield the same total utility to individuals in the society.b. social attitudes toward equity.c. social attitudes toward efficiency.d. social utility possibilities as a function of resources.Suppose Biwei is the only consumer in the apple market, why is his marginal use value equal to the apple price? Calculate his consumer surplus (net gain from consumption) and fill in the table. How many apples he would like to buy per week?