Bundle: Principles of Microeconomics, Loose-leaf Version, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
8th Edition
ISBN: 9781337379151
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 7, Problem 1PA
Subpart (a):
To determine
Calculate the maximum willing price .
Subpart (b):
To determine
Calculate the consumer surplus.
Sub part (c):
To determine
Consumer decision of buying the goods related with maximum willing to buy price.
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What are the factors that caused the consumer surplus?
QUESTION 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?
Suppose the following table shows your demand schedule for CDs.
Price
Quantity Demanded
$15
1
12
9.
9:56
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4
(a) What is your total utility from four CDs?
Total utility: $
(b) What is your marginal utility from the fourth CD?
Marginal utility: $
(c) If the price is $6, how much will your consumer surplus be?
Consumer surplus: $
Chapter 7 Solutions
Bundle: Principles of Microeconomics, Loose-leaf Version, 8th + MindTap Economics, 1 term (6 months) Printed Access Card
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