Microeconomics: Principles Problems & Policies (McGraw-Hill Series in Economics)
20th Edition
ISBN: 9780077660727
Author: McConnell
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 1P
To determine
Consumer surplus .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
10:17
OT
1. A college student enjoys eating pizza. Her
willingness to pay for each slice is shown in the
following table:
Number of pizza
slices
к
1
2
3
4
5
6
7
Willingness to pay (per
slice)
$6
+
LO
5
4
3
2
1
a. If pizza slices cost $3 each, how many slices
will she buy? How much consumer surplus will
she enjoy?
O
3
Question 1
A consultant recently provided the firm's marketing manager with this estimate of the demand and supply functions for the firm's product
Qd 140-3P Q 20+2P
When both equations are plotted, the resulting chart is the following
Based on the information, how much social surplus does the society receive at market equilibrium?
O 544
O $125
1632
816
Sam is willing to pay $10 for one bracelet and $5 for a second. Isabella is willing to pay
$12 for one bracelet and $9 for a second. If the price is currently $8 per bracelet, what
is the total consumer surplus when Sam and Isabella make their purchases?
O $7
O $8
O $6
O $5
Chapter 4 Solutions
Microeconomics: Principles Problems & Policies (McGraw-Hill Series in Economics)
Ch. 4.A - Prob. 1ADQCh. 4.A - Prob. 2ADQCh. 4.A - Prob. 3ADQCh. 4.A - Prob. 1ARQCh. 4.A - Prob. 2ARQCh. 4.A - Prob. 3ARQCh. 4.A - Prob. 1APCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7P
Knowledge Booster
Similar questions
- ADVANCED ANALYSIS Assume the following values for the figures below Q_{1} = 20 bags Q_{2} = 15 bags. Q_{3}; =27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price at g $31 per bag. Apply the formula for the area of a triangle (Area=1/ 2 * Base*Height) to answer the following questions.arrow_forwardThe graph shows the market for tutoring at a university. Price (per hour of tutoring) $25 20 15 10 7.50 LO 5 2.50 S D 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) If there is a price floor of $15, consumer surplus is, in numerals, $.arrow_forwardAlexis, Bruno, and Camila each want an ice-cream cone. Alexis is willing to pay $12, Bruno is willing to pay $8, and Camila is willing to pay $4. The market price is $9. Consumer surplus equals O 6 8. O 3 O 14arrow_forward
- ADVANCED ANALYSIS Assume the following values for the diagrams below: Q1 = 16 bags. Q2 = 11 bags. Q3 = 23 bags. The market equilibrium price is $53 per bag. The price at point a is $85 per bag. The price at point c is $5 per bag. The price at point d is $63 per bag. The price at point e is $38 per bag. The price at point f is $74 per bag. The price at point g is $39 per bag. Apply the formula for the area of a triangle (Area = ½ × Base × Height) to answer the following questions. a. What is the dollar value of the total surplus (= producer surplus + consumer surplus) when the allocatively efficient output level is produced? $ What is the dollar value of the consumer surplus at that output level? $ b.What is the dollar value of the deadweight loss when output level Q2 is produced? $ What is the total surplus when output level Q2 is produced? $ c.What is the dollar value of the deadweight loss when output level Q3 is produced? $ What is…arrow_forwardConsumer Willingness to Pay Willingness to Accept Seller 5. Malcolm 20 Walter Hank Lois Francis 20 13 30 35 Saul Hal 30 Jesse Dewey Reese Skyler Gus 18 28 10 20 The table above shows the willingness to pay for the Wilkerson family and the willingness to accept for the White family. The two families are the only people in the market for the good. What is the equilibrium price in the market? O 10 O 20 O 13 O 30 O 5arrow_forwardA tax is imposed like in the figure below. This will REDUCE the producer surplus by 12 6 5 2 O24 08 18 I OI choose to use one of my three skips on this question. O 10 8 12 S+$2 tax S units.arrow_forward
- f 20 18 16 14 12 10 8 6 4 2 + Consumer 1 Demand 2 4 6 Figure 4-2 8 10 12 14 16 18 20 QUANTITY PRICE Refer to Figure 4-2. If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is O a. 0 units. Ob. 15 units. O c. 25 units. Od. 10 units. 30 27 24 21 18 15 12 9 6 3 Consumer 2 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITYarrow_forwardADVANCED ANALYSIS Assume the following values for the diagrams below: Q = 12 bags. Q2 = 7 bags. Q3 = 19 bags. The market equilibrium price is $46 per bag. The price at point a is $70 per bag. The price at point c is $10 per bag. The price at point d is $56 per bag. The price at point e is $31 per bag. The price at point fis $67 per bag. The price at point gis $32 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. %3D %3D (a) (b)arrow_forwardSuppose that the demand and supply functions for a good are given as follows: Demand: 0 = 600-5P Supply: 0 Suppose now that government imposes $27 tax per unit of output on sellers. What is the burden on sellers? =-300+4P O 27 12 15arrow_forward
- O O 198765432 O 10 Suppose that the market is initially at an equilibrium price of $6 and an equilibrium quantity of 40 units in the graph above. If the government decides to add a $2 per-unit tax on this good, the deadweight loss from the tax will be: 10 80 70 S1 O 60 SO Demand 0 10 20 30 40 50 60 70 80 90100arrow_forwardMonique would be willing to pay as much as $15 for an order of pasta at Gialina’s Italian restaurant. Monique is pleasantly surprised to find out that the price of the pasta is only $10. Gialina would be willing to sell that pasta for as little as $7, but is actually able to price it at $10 because that’s the market equilibrium price for pasta. Given this information, Monique’s consumer surplus is ____________ and Gialina’s producer surplus is ___________. Select one: a. $8; $3 b. $15; $7 c. $5; $3 d. $5; $8arrow_forwardThere are three buyers, A. B, and c. When the price is P = $2, A buys 2 units, B buys 1 unit, and C buys O units. Now we offer the same good at P = $1 to these three buyers but restrict the quantity they can buy to one unit per person, and all three Individuals buy one unit each. We can conclude that O A's consumer surplus is higher in the second case. O the total consumer surplus is higher in the second case. O B's and C's consumer surplus is higher in the second case. O All of the above. O There is not enough information to answer this question.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning