Valerie buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been 5 If the price of the iPhone had been $450, her consumer surplus would have been s

Valerie buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is s If she had bought the iPhone on sale for $180, her consumer surplus would have been 5 If the price of the iPhone had been $450, her consumer surplus would have been s

Name: please help Valerie buys an iPhone for $240 and gets a consumer surplu
Uploaded: 2022-11-04T13:35:51.000Z
Channel: Bartleby
Description: please help Valerie buys an iPhone for $240 and gets a consumer surplus of $160.Her willingness to pay for an iPhone is SIf she had bought the iPhone on sale for $180, her consumer surplus would have been sIf the price of the iPhone had been $450, he

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 4WNG

See similar textbooks

Similar questions

Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is . If she had bought the iPhone on sale for $180, her consumer surplus would have been . If the price of the iPhone had been $500, her consumer surplus would have been
Marcus buys a tablet for $5,000. What determines the size of consumer surplus Marcus receives? Explain.
Amrin goes to Sportsmart to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Amrin's consumer surplus from the purchase is
For each scenario, decide whether it results in a producer or consumer surplus. Then calculate the resulting surplus. Alice is willing to spend $30$30 on a pair of jeans and has a coupon for $10$10 off. She purchases a pair of jeans that costs $35$35 pre-discount. Alice receives a Alice's surplus: $ Jeff finds steak in the supermarket priced at$16$16 but that he would have been willing to pay $20$20 for. The butcher notices the meat is near the expiration date and gives him an extra 7575% off. Jeff receives a producer surplus. consumer surplus. Jeff's surplus: $ Nicole has a hockey puck from the 2018 Winter Olympic Games and puts it up for sale on eBay. She will only sell the puck if the winning bid is greater than or equal to $500$500. After the bidding closes, the last bid stands at $501$501. Nicole receives a Nicole's surplus: $
Jungkook bought a new iPhone13 for $1,133. He values the phone at $1,748. Suga values the phone at $2,528. If I force Jungkook to give his phone to Suga what is the change in total surplus? Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreased.
Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $5.75$5.75. Michelle was willing to pay up to $7.75$7.75 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $2.25$2.25 for the cappuccino. Based on this information, answer the following questions. Michelle's consumer surplus: $ Paul's Cafe and Bakery's producer surplus: $
John buys a T-shirt for $100 and his consumer surplus is $0. What is John’s maximum willingness to pay for the T-shirt? Show the steps of your calculation.
Janice is willing to pay $100 for the first pair of shoes, $80 for the second pair, $50 for a third, and $30 for a fourth. If shoes cost $50, Janice will buy _____ pairs of shoes and her total consumer surplus will equal _______.
Mellisa buys an iphone $240 and gets consumer surplus of $160
The attached figure shows Rosa's demand for ice cream. If the price of ice cream were $2 per litre, then Rosa's consumer surplus for the 4th litre: (a) Is greater than the surplus for the 8th litre. b) Is the same as the surplus on the 8th litre. c) Is less than the surplus on the 8th litre d) It could be greater than, equal to or less than the surplus of the 8th litre. Note: Please make your calculations to get the correct answer