QA's MWTP B's MWTP $55.7 $65.5 1 $45 $39.3 2 $43.4 $23.4 $25.3 $22 4

Q: Isabelle values her time at $60 an hour. She spends2 hours giving Jayla a massage. Jayla was…

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Q: I paid $5 a ticket for 4 (non-refundable) tickets to a show that I can't use and can't resell, so…

A: Surplus refers to the amount left over after the requirements are being met. The term surplus is…

Q: This graph illustrates the supply and demand for golf balls in 2020. price 87.00 Supply 2020 50.10…

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Q: 6. The Role of Government: Tax and plastic bags A. In the diagram, identify the lines that express…

A: c) The impact of tax depends on the elasticities of demand and supply curves i.e. the responsiveness…

Q: He bought a cell for $579. He doesn't like it anymore and posts it on instagram. He is willing to…

A: Consumer surplus is defined as the net benefit to the consumers which is measured as the difference…

Q: John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his…

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Q: The forge produces iron (x ) with the cost function C„(x) = 31x², while it can sell the iron at the…

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Q: All of the following are sources of inefficiency except: a. public goods. b. the invisible hand. c.…

A: Hi, according to our guidelines we are allowed to answer only one question in a single session. So I…

Q: Alcohol taxes that are used by government as an incentive for distillers and beer wholesalers to cut…

A: There is negative externality generated due to consumption of alcohol. Thus government imposes the…

Q: Suppose that we have 3 consumers. The government considers building a road. It costs $80. The…

A: The above given problem of cost and consumer surplus is explained as follows:

Q: Which one of the two policies, a tax on pork meat consumption, or a tax on pork meat production, is…

A: A tax in economics is described as a charge or fee that is levied by the government of a nation on…

Q: Consider a market with the following supply and demand.  (It may help to draw a graph for these…

A: To internalize an external cost, government has to impose a Pigovian tax per unit, that is equal to…

Q: 1-The city of Seaview operated at an $ 543,000 surplus this year. The surplus suggests that the…

A: Since, the city has a positive revenue after taxation, therefore, the surplus suggests the Tax…

Q: Which of the following best describes where total surplus is maximized when an extemality exists in…

A: Marginal social benefit refers to the benefit to the society from consumption of additional units…

Q: Which of the following are devices that governments can use to achieve a more efficient allocation…

A: The efficient allocation of resources refers to the provision of resources in a fair manner. In…

Q: A certain simple economy has two sectors: work and play. To produce $1 of work requires $0.7 of work…

A: Most economic decision-making involves the concept of opportunity cost. Basically, what is given up…

Q: Sophie pays Sky $50 to mow her lawn every week.When the government levies a mowing tax of $10 onSky,…

A: Consumer surplus (CS) is the difference between consumer’s willingness to pay and equilibrium price.…

Q: (c) What is the total consumer surplus (for both groups)?

A: Given  Private customer's demand: QP=2000-100P     .... (1) The market of department stores demand:…

Q: A cup of Starbucks Macchiato will cost you almost $6, and a similar cup at McDonald will cost about…

A: NOTE :-  Question should have declined as willingness to pay cannot be calculated. it is incomplete…

Q: 18. Calvin buys a new tractor for $125,000. He receives consumer surplus of $0 on his purchase. What…

A: Consumer surplus is the difference between the consumer's willingness to pay for a product and the…

Q: D. Q, Quantity (bags) Quantity (bags) Instructions: Round your answers to two decimal places. a.…

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Q: When consumers pay less for something than it is worth to them, they receive a(n) ______.…

A: According to Bartleby answering guidelines in case of multiple questions we are required to answer…

Q: on tax debate heats up in Montpelier VT monters are debating the pros and cons of a state carbon…

A: Supply represented by marginal cost which implies the positive relation between price and quantity.…

Q: Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10…

A: For the 10th scarf, Hugo was willing to pay $20 but had to pay only $12. So his consumer surplus was…

Q: A village has six residents, each of whom has accumulated savings of $100. Each villager can use…

A: The following formula are used to calculate the income: Income for llama can be calculated as…

Q: 5.00 4.50 S- MSC 4.00 3.50 3.00 2.50 2.00 1.50 1.00 D- MSB 0.50 100 200 300 400 500 Quantity…

A: The efficient level of good is where its demand equals its supply. Thus, when the productivity of…

Q: The attached figure indicates the initial market for tertiary education in a country that pays a…

A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Q: Suppose you overheard a conversation in which an economist referred to the "free-rider problem." It…

A: Public goods are those goods which are neither excludable not rivalrous in nature.

Q: Which one of the two policies, a tax on pork meat consumption, or a tax on pork meat production, is…

A: Pork sector of animal husbandry is very unorganized sector. It mostly distributed under small…

Q: A farmer produces three types of crops A, B and C on his land. A covers 50% of the land, B 30 % and…

A: In this situation, a farmer produces three types of crops A, B and C on his land. A covers 50% of…

Q: The demand for bags of cement is Qd=1500-10p, supply is Qs=20, a tax of $5 per bag exists. A…

A: The inverse demand curve can be calculated as follows. Inverse demand equation is 150-0.1Q.

Q: What is meant by consumer surplus?   a It is the total quantity of a good bought by a consumer…

A: Consumer Surplus is the benefit or monetary gain or welfare a consumer obtain when it purchases a…

Q: The restaurant industry develops an exciting new technology, a robot that quickly prepares food in…

A: The consumer surplus is the benefits earned by the consumers in the market at the equilibrium or…

Q: Amanda Mendez goes to a local café and orders a sandwich. Her willingness to pay for that sandwich…

A: Demand curve shows the various combinations of willingness to pay of a consumer at different level…

Q: Shannon buys a new CD player for her car for $135. She receives consumer surplus of $25 on her…

A: Given  Actual price of CD player = $135 Shannon's consumer surplus = $25

Q: Use the following information to answer questions 15 through 23: Use the graph below to answer the…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Solve and Explain Q#40 and 41

A: 40.The equilibrium price is $0.55.Willing price for different quantity is given below.

Q: Amazon has a "Lightning Deal" where it slashes the price of one item. At 3:15 p.m. today, they…

A: Answer - Given in the question-New tablet with a sales price of $150 which is less than half pf the…

Q: Per Pack Price Supply with tax 20.00 Supply before tax 18.00 16.00 Demand 10.00 Quantity Per Year…

A: The consumer surplus refers to the difference between the price that the customers are willing to…

Q: 1. Suggest a relevant government policy (dealing with Water Pollution) that would yield the…

A: Overview Government is a structure that governs a group of people, and it usually consists of three…

Q: Suppose that we have 3 consumers. The government considers building a road. It costs $80. The…

A: The government considers building a road. It costs $80. The consumers value it at $20, $40, and…

Q: When the government levies a tax on a goodequal to the external cost associated with thegood’s…

A: The point at which the market supply and demand curves intersect each other would not indicate the…

Q: Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so…

A: Consumer surplus refers to the difference between the price that the consumers are willing to pay…

Q: Suppose that you pay $4 for a delicious burrito. It was so good that you would have been willing to…

A: Willingness to pay = 10 $ Paid amount = 4 $ Consumer surplus = 10 – 4 = 6