The above table gives the willingness to pay for a brand new iPhone for 4 potential customers. If the price of a new iPhone is $700, consumer surplus is

Q: Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then…

A: Consumer surplus = willingness to pay - Price  Given : willingness to pay = 10 Price = 9

Q: If the consumer surplus of a buyer is $7 and the market price is $30 What would be the maximum…

A: The data presented in the question is:- Consumer surplus = $7 Market price = $30 Maximum willingness…

Q: A situation is a pareto efficient if a) consumer surplus is maximized b) it is possible to make…

A: The economy is said to be in a Pareto optimum state when no economic adjustments can make one person…

Q: If George is willing to pay P100 for a product and John is willing to pay P80 for the same, the…

A: Consumer surplus is a willingness to pay minus the market price of a product.  => Consumer…

Q: Monique would be willing to pay as much as $15 for an order of pasta at Gialina’s Italian…

A: Consumer surplus is the difference between price consumers are willing to pay and market price.…

Q: In the market for a particular pair of shoes, Allan is willing to pay 63 for a pair, while Jane is…

A: Consumer surplus is a quantitative measurement to compute the total gain of a buyer when making…

Q: Suppose Dexter is willing to pay $5 for a chocolate bar, Draco is willing to pay $z, and willing to…

A: Consumer surplus is the benefit that is achieved by the consumers whole purchasing goods and…

Q: $30 25 20 15 10 50 150 250 Quantity In the diagram above, if the market price is $10 per unit, the…

A: Equilibrium is found at the point where the D(demand) and the S(supply) cut each other which gives…

Q: Use the table below to answer part a and b. Buyer Willingness to Pay Lori $50.00 Audrey $30.00…

A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…

Q: 1. Consumer and Producer Surplus If sandals are selling in the marketplace for $55, that does not…

A: Surplus is the benefit that society's agents recieve when they find the some some differences in the…

Q: Bob purchases a book, and his consumer surplus is $4. If Bob is willing to pay $12 for the book,…

A: Consumer surplus refers to the difference between the price that the consumer is ready to pay and…

Q: Find the market price when the maximum willingness to pay is $56 and the consumer surplus is $32

A: Generally in the given numerical The maximum willingness to pay is = $56 Consumer surplus = $32 We…

Q: The table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom…

A: A consumer will buy a product only when its marginal willingness to pay for that product is greater…

Q: Find a market price when the maximum willingness to pay is $53 And the consumer surplus is $46

A: Given  The maximum willingness to pay is $53 Consumer surplus =$46 Let P be the market price.

Q: Both a home buyer (A) and seller (B) of a house agree on a price of 2.5 million dollars. A values…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Janice is willing to pay $100 for the first pair of shoes, $80 for the second pair, $50 for a third,…

A: Considering the above situation, Janice will not purchase the shoes that is below $50. So, she…

Q: Sefronia and Bella share an apartment and they are deciding whether or not to purchase a weekly…

A: Consumer surplus:  The consumer surplus means the consumer is willing and able to pay for the goods…

Q: Consumer surplus is the difference between: (a) Amount consumer is willing to pay minus amount…

A: # The concept of consumer surplus comes into play when the market price and the consumer's…

Q: The following Table refers to four buyers’ willingness to pay for papadums. Each buyer is willing to…

A: The client surplus refers to the distinction between what a consumer is willing to pay and at what…

Q: Suppose your economist tells you the "free-market" demand for X is given by: P=30 - 3X; and the…

A: At the free market, i.e., competitive market, there are infinite number of buyers and sellers, whose…

Q: A market has demand given by P = 35-4Q. If the market price is $15, what is consumer surplus? $100…

A: "A consumer surplus occurs when buyer of the product pay less price for that product than his/her…

Q: A "Spider-man" DVD is worth $30 to Marcus. But he buys one on sale for just $15. What is the…

A: The value of the DVD would be the total value of the DVD which would result in the total value…

Q: Consider the following diagram. For a market price of $4, total consumer surplus equals a. $30 b.…

A: consumer surplus, also called social surplus and consumer's surplus, in economics, the difference…

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: Suppose that in the Canadian market for Japanese cars, person 1 is willing to pay $35,000, person 2…

A: In microeconomics, customer excess/surplus is the contrast between the most exorbitant price a buyer…

Q: Calculate consumer surplus if maximum willingness to pay is $400 and Market price is $360

A: Given information: Maximum willingness to pay= $400 Market price= $360 To find: consumer Surplus

Q: Let D(x) =40 -4X be the proce in dollar per unit that consumer are willing to pay X unit of an item…

A: We are going to solve for equilibrium state of the given market.

Q: If maximum willingness to pay of john is $30 and market price is $20 Find consumer surplus

A: The information being given is:- Maximum willingness to pay = $30 Market price = $20 We have to…

Q: If market demand for a good is Q = 250 -2P,and supply of the good is Q = 8P, consumer surplus is…

A: Answer: Given, Market demand: Q=250-2P Market supply: Q=8P Let us first find the equilibrium price…

Q: D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item,…

A: The equilibrium point is determined at the point where the quantity demand and quantity supplies are…

Q: The minimum acceptable price for a product that producer Sam is willing to recelve is 10. The price…

A: Minimum acceptable price means, the minimum price at which a producer is willing to sell its product…

Q: which statements are true Harold is willing to pay $25 and Maude is willing to pay $18 for a steak…

A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…

Q: d'Artagnan, Athos, Porthos, and Aramis are good friends and passionate readers of modern fiction.…

A: "Total consumer surplus is obtained by adding consumer surplus of each individual and each…

Q: Use the following definite integrals to solve for the consumer surplus, producer surplus and total…

A: Demand:P = -Q^2 +47Supply:P = 6Q +7

Q: Assume that there are four consumers A, B, C, and D, and the prices that each of them is willing to…

A: The surplus is divided into two categories such as consumer surplus as well as producer surplus.…

Q: If demand is P - 80 - 2Q and supply is P = 20 +3Q, what is the value of the Consumer Surplus? Enter…

A: The demand function shows the relationship between quantity demanded and price. The demand curve is…

Q: Suppose a tax of $0.25 is placed on the market depicted below. What is the consumer surplus after…

A: A consumer surplus is the extra amount in the hands of the consumers that remain when the amount…

Q: Dominic is willing to pay​ $12 for a single​ pizza; Stephany is willing to pay​ $7; and Tyler is…

A: Social surplus is the surplus that includes producer surplus as well as consumer surplus.

Q: $50 40 30 - 20- 10. 6 20 22 25 Number of Trips (1,000s per day) 5 10 15, This diagram shows the…

A: Diagrammatically, consumer surplus is calculated by using the formula- CS = 1/2 × base × height

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: QUESTION 12 Consumer surplus is the a. amount of a good consumers get without paying anything. b.…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: Quantity fer to Figure 6-1. What area identifies the consumer surplus created when the market price…

A:

Q: The rent on an apartment in a particular building near campus is $1,200 per month. If Min would be…

A: Consumer surplus is the difference between market price and maximun price consumers are willing to…

Q: If the price of the good is $50, then consumer surplus amounts to

A: Consumer surplus is the difference between money consumer willing to pay and actual price.

Q: The consumer surplus is $33 and the maximum willingness to pay of buyer is $85  Calculate Market…

A: The data presented in the question above is:- Consumer surplus = $33 Maximum willingness to pay of…

Q: Suppose the market for a good is described by the following equations: P = 20 + 0.25Q and P = 200 -…

A: Producer surplus after tax is the area above the minimum acceptable price and below price received…