The graph shows the demand curve for wallets and the market price of a wallet. 18.00 Vhat is the consumer surplus on wallets? 16.00- What is the total expenditure on wallets? 14.00- What is the total benefit of wallets? 12.00- ... 10.00- Draw a point that shows the quantity of wallets bought and the price paid. 8.00- Draw a shape that represents the consumer surplus. Label it CS. 6.00- 4.00- Draw a shape that represents total expenditure. Label it TE. 2.00- 0.00+ The consumer surplus is $

The graph shows the demand curve for wallets and the market price of a wallet. 18.00 Vhat is the consumer surplus on wallets? 16.00- What is the total expenditure on wallets? 14.00- What is the total benefit of wallets? 12.00- ... 10.00- Draw a point that shows the quantity of wallets bought and the price paid. 8.00- Draw a shape that represents the consumer surplus. Label it CS. 6.00- 4.00- Draw a shape that represents total expenditure. Label it TE. 2.00- 0.00+ The consumer surplus is $

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 4WNG

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There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15. Suppose the market price is $29. What is the total consumer surplus? The market price decreases to $19. What is the total consumer surplus now? When the price falls from $29 to $19, how much does each consumer’s individual consumer surplus change? How does total consumer surplus change?
The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?
The rent on an apartment in a particular building near campus is $1,200 per month. If Min would be willing to pay up to $1,400, Genevieve would be willing to pay up to $1,500, Fraser would be willing to pay up to $1,600, and Kayden would pay no more than $1,000, what is the consumer surplus for this group of students who would like to live in the building? Explain how you calculated this consumer surplus
] It is a hot day, and Elmo is thirsty. Here is the value of Elmo places on a bottle of water:] Value of first bottle $7 Value of second bottle $5 Value of third bottle $3 Value of fourth bottle $1 From this information, derive Elmo’s demand schedule. Then graph his demand curve for bottled water. If the price of a bottle of water is $4, how many bottles does Elmo buy? How much consumer surplus does Elmo get from his purchases? Show Elmo’s consumer surplus in your graph. If the price falls to $2, how does quantity demanded change? How does Elmo’s consumer surplus change? Show these changes in your graph.
9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. ? PRICE (Dollars per phone) 100 90 80 70 60 50 40 20 10 0 The Supply and Demand for Smartphones Demand 0 Supply 40 80 240 120 160 200 QUANTITY (Phones) 280 3:20 Total net benefit (or total surplus) in this market is S 360 400 + Equilibrium A Consumer Surplus Producer Surplus Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
What is the value of the consumer surplus if the market price is $15? Group of answer choices $10 $5 $20 $30
Consumer surplus is calculated by taking the difference of the price consumers are willing to pay and the price actually paid. When the price is $4, the consumer would buy only two bottles because the value the consumer would get from the first bottle is $7. This implies, the surplus is $3. Similarly for the second bottle, the value the consumer would get from consuming it is $5 where the price the consumer will pay is $4, this implies the surplus is $1. Lastly, for the third bottle the value is $3 and the price is $4 so the price surpasses the value, therefore the consumer will not consumer beyond two bottles. The consumer surplus could be calculated as: Consumer Surplus = (7-4) + (5-4) = 3 + 1 = 2 This means the consumer will buy two bottles. If the price falls to $2, the consumer would only buy three bottles because the value the consumer gets from the first bottle valued at $7 versus the $2 paid implies a consumer…
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At 10 million hours, what areas make up the total economic surplus in this market?
Please answer the correct answer please Don't answer by pen paper please if a consumer is willing to pay $20 for a pizza, but the price of the pizza is $10, then the consumer surplus resulting from the customer's purchase of the pizza is
Matthew and Victoria are shopping for a new pair of running shoes. Victoria is willing to pay $200 and Matthew is willing to pay $110 for a new pair of shoes. What is the total gain in surplus when the price of then shoes decreases from $160 to $100?
The market demand and supply equations for theme park in a city are given by P = 30 – 0.005QD and P = 10 + 0.005QS, where P is the price in dollars and QD is the quantity of theme-park tickets demanded and QS is the quantity of theme park ticket supplied. (i) Solve for the equilibrium price and quantity of theme park tickets and compute the consumer surplus and producer surplus. Support your answers with a graph of the theme park tickets market.(ii) Explain the implications of the welfare of consumers, producers and the society when the price of theme park ticket is fixed at $15. Support your answers with a graph of the theme park tickets market.