Principles of Microeconomics California Edition 2nd Edition
2nd Edition
ISBN: 9780393622089
Author: Dirk Mateer, Lee Coppock
Publisher: W. W. Norton
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Chapter 5, Problem 3SP
To determine
Determine the
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Consumer surplus is a measure of the difference between:
A “Spider-man" DVD is worth $30 to Marcus. But
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$25
$15 Incorrect
cannot be determined from the information given
Incorrect.
$40
A limited edition package is sold only to 200 customers for $130 each. The average value of the package for the 200 customers is $280. What is the total consumer surplus?
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Principles of Microeconomics California Edition 2nd Edition
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- V surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)arrow_forwardThe price of green grapes increases from $1.90 to $2.30 per pound. When this happens, the amount of grapes sold drops from 500 pounds to 400 pounds. Assuming that the demand and supply of grapes held steady, what is the value of the loss of consumer surplus that occurred? $160 $40 $180 $200arrow_forwardApproximately how much consumer surplus does Wikipedia generate per person in the United States each year? Multiple Choice $17,000 $260 $576 $150arrow_forward
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