This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The figure above shows the market demand curve for pizza. a) What is the marginal social benefit ... (Read 68 times)

@Brianna17

  • Hero Member
  • *****
  • Posts: 550
on: Jun 29, 2018
The figure above shows the market demand curve for pizza.
 
  a) What is the marginal social benefit of the 20th pizza?
  b) What is the maximum price a consumer is willing to pay for the 20th pizza?
  c) If the price of a pizza is 6, what is the consumer surplus of the 20th pizza?
  d) If the price of a pizza is 10, what is the consumer surplus?
  e) If the price of a pizza is 6, what is the consumer surplus?

Question 2

When the market for gasoline in Motorland is in equilibrium, the market price of gasoline is ________ the marginal social cost.
 
  A) 1.50 above
  B) 1.50 below
  C) equal to
  D) 1.20 above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 29, 2018
Answer to Question 1

a) The marginal social benefit of the 20th pizza is 10.
b) The maximum price a consumer is willing to pay for the 20th pizza is 10.
c) If the price of a pizza is 6, the consumer surplus of the 20th pizza is 4.
d) If the price of a pizza is 10, the consumer surplus is 40.
e) If the price of a pizza is 6, the consumer surplus is 160.

Answer to Question 2

B


@Brianna17

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 29, 2018
Correct answers!


lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

This image shows an artists depiction of a 10-kilometer (six-mile) diameter astero This image shows an artists depiction of a 10-kilometer (six-mile) diameter astero
Bell Curve Joke Bell Curve Joke
Continuum of aggression. Based on an unpublished figure by Joanne DeSanto Iennaco. Continuum of aggression. Based on an unpublished figure by Joanne DeSanto Iennaco.
A typical ECT sensor temperature versus voltage curve. A typical ECT sensor temperature versus voltage curve.
Economic and Social Development Economic and Social Development
What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ... What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ...
Video: Transmission Across a Synapse

For a complete list of videos, visit our video library