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 153 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?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

The geomagnetic polarity time scale shows how Earth’s magnetic pole has changed through geologic tim The geomagnetic polarity time scale shows how Earth’s magnetic pole has changed through geologic tim
A Dose-Response Curve A Dose-Response Curve
The cartoonist’s hyperbole makes an excellent commentary on the social class disparity of our ... The cartoonist’s hyperbole makes an excellent commentary on the social class disparity of our ...
The answer to “What is the proper role of children in an economy?” varies by social class, ... The answer to “What is the proper role of children in an economy?” varies by social class, ...
Social Development in Central Asia Social Development in Central Asia
Linear dose-response curve Linear dose-response curve
Video: ACTH/Cortisol (glycogenolysis, protein catabolism, lipolysis and gluconeogenesis)

For a complete list of videos, visit our video library