Macroeconomics for Today (MindTap Course List)
9th Edition
ISBN: 9781305507142
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Chapter 3.A, Problem 1SQ
To determine
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Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?
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Her willingness to pay for an iPhone is
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If she had bought the iPhone on sale for $180, her consumer surplus would have been
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If the price of the iPhone had been $500, her consumer surplus would have been
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Chapter 3 Solutions
Macroeconomics for Today (MindTap Course List)
Ch. 3.6 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Prob. 9SQCh. 3.A - Prob. 10SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQ
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- Marcus buys a tablet for $5,000. What determines the size of consumer surplus Marcus receives? Explain.arrow_forwardChris is buying apples. Suppose the price of apples is $1. Chris is willing to pay $5 for the first apple, and $2 for the second apple, and $0.5 for the third apple. What is Chris' consumer surplus? Your Answer: 5 Your Answerarrow_forwardThe graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- What is the consumer surplus on wallets? 16.00- What is the total expenditure on wallets? 14.00- What is the total benefit of wallets? Market 12.00- price .... 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- m 0.00- 30 Quantity (wallets per day) 15 45 60 75 90 105 The consumer surplus is $- As Total expenditure on wallets is >>> Draw only the objects specified in the question. SS Total benefit of wallets is $ O Time Remaining: 00:54:18 Next ced rse (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9earrow_forward
- Kyra buys an iPhone for $240 and gets consumersurplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180,what would her consumer surplus have been?c. If the price of an iPhone were $500, what wouldher consumer surplus have been?arrow_forwardsurplus is the difference between the maximum price a consumer is (or consumers are) willing to pay for a product and the actual [market] price. A. Producer B. Consumer C. Nonearrow_forward1. Determine the amount of consumer surplus generated in each of the following situations a. William goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. At the cash register, he is told that his T-shirt is on sale for half the posted price. b. Sophia goes to the CD store hoping to find a used copy of the Eagles Greatest Hits for up to $10. The store has one copy selling for $10 c. After baseball practice, Nicholas is willing to pay $2 for a bottle of mineral water. The 7-Eleven sells mineral water for $2.25 a bottle.arrow_forward
- 27. If the demand for a pack of cigarettes is Q=50-$5P For a typical smoker and the price per pack is $8, how many packs of cigarettes does the person buy? What is his/her consumer surplus?arrow_forwardThe following table shows Carl's willingness to pay for clothing. Quantity of Clothing Carl would consume Consumer surplus = $ 2 units. 3 4 5 6 Willingness to Pay $35 $60 $80 $97 $112 Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus? $126arrow_forwardRyan would be willing to pay $1 for a lollipop. Sarah would be willing to pay $0.50. The price of the lollipop is $0.75. What is Ryan and Sarah's combined consumer surplus? a. $0 b. $0.25 c. $0.50 d. $0.75 Can someone please explain to me why the correct answer here is $0.25? I did the calculations and i keep getting $0 the follwing is my calculationsarrow_forward
- 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?arrow_forwardQUESTION 13 If your willingness to pay for a coffee is 35 dirhams, and the price is 20 dirhams. What is your consumer surplus after you buy the coffee?arrow_forwardJosh is lost in the desert. He determines that he would pay $50 for a bottle of cold Gatorade. He happens upon a grocery store, buys a bottle of cold Gatorade, and realises a consumer surplus of $47.25. What did he pay for the Gatorade? Select one: a.$50 b.$47.25 c.$97.25 d.$2.75arrow_forward
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