What creates surplus? a. All of these are true b. When people with no money who really need something get it c. When someone is willing to pay more for something than it costs to produce d. When people are happy e. None of these are true

Q: Suppose demand is D and supply is S0. If a price floor of $12 is imposed, what is the resulting…

A: The surplus in terms of demand and supply is a situation where the quantity of a good and services…

Q: Question 1 2 tries left The table shows the market for tulips. Quantity supplied (bunches per week)…

A: Given demand and supply schedule  Price Quantity demanded Quantity supplied 10 100 40 12 90…

Q: I don't understand the meaning of this sentence. This is the concept that experts say when answering…

A: The consumer surplus concept is derived from and based on the diminishing marginal utility law. The…

Q: e. How did the price ceiling change the total surplus compared to free market equilibrium of #9?

A: equilibrium is achieved where Qd=Qs.Thus Q*= 40 millions, P*= $40

Q: Jungkook bought a new iPhone13 for $1,133. He values the phone at $1,748. Suga values the phone at…

A: A surplus is a level of an asset that exceeds the share consumed. An inventory excess happens when…

Q: Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit…

A: DISCLAIMER = As per guidelines we are only allowed to do the first three sub-parts, so for the rest…

Q: How is the price of fertilizer determined (keep in mind it uses petroleum) include: Taxes: is the…

A: Fertilizer ( Petroleum generated) Petroleum-generated fertilizers are those in which a large amount…

Q: Explain the concepts of consumer and producer surplus? How do they determine the efficiency of a…

A: Resources such as machinery, raw materials, factories, money, time are finite but products made by…

Q: Energy dnnKS has been causing dea th Senator Miller proposes 8 2 tax ( that on average cost $ 2. on…

A: Consumer-surplus(CS) is the difference in the consumer’s maximum willingness to pay(reservation…

Q: how is the price of Fertilizer determined? we know that the price of a good is formed from the…

A: Demand and Supply  The quantity of a commodity that Buyers are willing to buy at various prices is…

Q: Ivan has inherited his grandmother’s 1963 Chevrolet Corvette, which he values at $45,000. He decides…

A: Answer  Yes, Ivan and Samantha both profit in their own way, so they trade voluntarily. Ivan gets…

Q: 3. It is a hot day, and Nina is thirsty. Here is the value, in money terms, she places on a bottle…

A: The demand schedule shows the respective amount of quantity demanded at each of the different…

Q: On Thursday nights, a local restaurant has a pasta special. Ari likes the restaurant's pasta, and…

A: Consumer surplus is the difference between the highest price a consumer is willing to pay and the…

Q: What is the consumer's tax incidence and what is the producer's tax incidence? Select one: O a.…

A: Consumer’s tax incidence is calculated as follows. Tax incidenceConsumer=Price paid-Equilibrium…

Q: for producers to to pro why? Explain f. e. What will happen to total surplus in the market if 110…

A: A equilibrium is the point where firm maximise the profit and produce efficient level of production…

Q: Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for…

A: Consumer surplus = the amount a buyer is willing to pay for a good - the amount the buyer actually…

Q: J. What is the price range that will result to a surplus in the market?

A: * SOLUTION :-    (J)

Q: Consumer surplus exists when a A) person buys something with a marginal benefit more than what they…

A: Consumer surplus can be understood when the consumer willingness to pay is higher than the actual…

Q: Problem 1 Tammy loves donuts. The table shown reflects the value Tammy places on each donut she…

A: Diminishing marginal utility means that as the consumer goes on consuming the god, eventually the…

Q: hat is the consumer surplus is you buy a 65 inch 4K tv you have wanted for $5

A: Consumer surplus refers to the economic measure of extra benefit of consumers. consumer surplus is…

Q: If a freeze ruined this year’s lettuce crop, illustrate then explain what would happen to consumer…

A: Concept of Supply Analysis: Supply of a commodity refers to a schedule showing various quantities…

Q: Suppose Hong Kong is experiencing an economic recession. Explain with a diagram how the decrease in…

A: Recession refers to the situation of lower economic activity. The market for computers before…

Q: elissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?…

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

Q: If a freeze ruined this year lettuce crop, illustrate then explain what would happen to consumer…

A: The consumer surplus is the difference between the amount which the consumers are willing to pay and…

Q: Help Save & Exit 1 Consider a specific example of the special-interest effect. In 2012, it was…

A: Formula:  Total corn subsidy = Total subsidy / Total population

Q: The price of a Xbox1 is $399, and you were ready to purchase one. You happened to get your paycheck…

A: Consumer surplus is defined as the difference between the ability to pay of consumer and the amount…

Q: Assume that the actual price of the tv is 20% lower than what you are willing to pay. Consumer…

A: As it is already mentioned in the question, consumer surplus is the difference between what the…

Q: a. How would a sales tax in a competitive market affect the producer’s and the consumer’s surplus?…

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

Q: Question 1. Melissa buys an iPhone for $120 and gets consumer surplus of $80. a) What is her…

A: Given: Purchase price=$120 Consumer surplus=$80

Q: Henry is willing to pay 45 cents, and Janine is willing to pay 55 cents, for 1 pound of bananas.…

A: At a marketplace, willingness to pay of an individual implies the maximum value of a good that an…

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: Akbar bought a $40 a ticket to a comedy show. He values the show at $167. Birbal values watching the…

A: Consumer Surplus: It refers to the difference between the maximum price the buyer is willing to pay…

Q: Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.75. Michelle was willing…

A: Consumer surplus is the monetary value that a consumer gains from purchasing the quantity of goods…

Q: 6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness…

A: Here, given information is, Market price= $240 Consumer surplus=$160 To find: willingness to pay…

Q: Most transactions in the economy generate what sort of surplus? a. consumer and producer b. producer…

A: A market transaction happens when consumers and producers come together to buy and sell goods and…

Q: The demand curve for cookies is downward-sloping. When the price of cookies is $2, the quantity…

A: The demand curve shows the association between the amounts of a good or service demanded at each…

Q: Naisa buys an iPhone for $240 and gets consumer surplus of $160. a. What is her willingness to pay?…

A: The willingness to pay conveys the maximum amount of price that an individual desires to pay for…

Q: Producer surplus is the difference between the?

A: Producer surplus refer to the difference between the minimum acceptance price of the producer and…

Q: 'our local music venue has a capacity of 70 people. Suppose the venue decreases the price of a…

A: Consumer surplus: A consumer surplus is determined when the buyer pays for the good is less than…

Q: If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: Define complements and substitutes. b) Can you think of goods and services that make up complements…

A: Demand for a commodity changes with an increase or decrease in price of its related commodities.…