Suppose Gus has a pineapple that he would get $3 in enjoyment from consuming and suppose Sean has no pineapple and would get $7 in enjoyment from consuming a pineapple. If they moved the pineapple from Gus to Sean what would be the gains from the trade (or surplus) created?

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A: It is the socialist market structure where the resources used in the process of production are owned…

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Q: Consumer surplus: define it and explain how economists derive the concept of consumer surplus…

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A: Consumer surplus is the difference between what a consumer is willing to pay for consumption of a…

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A: Hi! Thank you for the question but as per the guidelines, we answer only up to three sub-parts.…

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Q: Consider the case of good C in Country D. Domestic producers of good C sell that good in the…

A: Only question 1 will be answered.

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Q: i dont know where the boxes go or the price mark. the cosumer surplus too.

A: Figure 1 shows the producer’s surplus area.

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A: Condition in perfectly competitive market: Mua/MUb = Pa/Pb

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Q: What is the goal of a firm in a market economy?

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A: Since you have asked a question with multiple subparts, we will answer the first three subparts for…

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Q: What is economics all about? What is supply and demand? What is exchanges rates?

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Q: What is the correct formula for calculating opportunity cost of good Y if we are producing goods X…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: Which method is used to find out the optimal allocation of natural resources? Explain with the help…

A: OPTIMUM UTILIZATION OF NATURAL RESOURCES : As we already know that there are two types of natural…