« previous next »

Author Question: If Ed is willing to pay a maximum of 200 for a tweed sport coat but buys one for 180, that 20 saved ... (Read 21 times)

jayhills49

  • Hero Member
  • *****
  • Posts: 559
on: Jul 1, 2018
If Ed is willing to pay a maximum of 200 for a tweed sport coat but buys one for 180, that 20 saved is
 a. his reservation price
  b. the store's producer surplus
  c. his total expenditure
  d. his marginal utility
  e. his consumer surplus

Question 2

A measure of consumer surplus in any market is
 a. total expenditure on the good
  b. the area above the supply curve and below the price
  c. the area beneath the demand curve
  d. the area beneath the demand curve and above the price
  e. the market price


juliaf

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

For pediatric patients, intravenous fluids are the most commonly cited products involved in medication errors that are reported to the USP.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

A bull elk in spring, shedding its winter coat and with its antlers covered in velvet A bull elk in spring, shedding its winter coat and with its antlers covered in velvet
Winter coat, Ottawa, Ontario Winter coat, Ottawa, Ontario
A wastegate is used on the first-generation Duramax diesel to control maximum boost pressure. A wastegate is used on the first-generation Duramax diesel to control maximum boost pressure.
Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor
How to quickly determine the maximum or minimum value of a quadratic equation in standard form How to quickly determine the maximum or minimum value of a quadratic equation in standard form
Nick buys a $25 000, 5.4% bond with quarterly interest coupons, 3 years before maturity, to ... Nick buys a $25 000, 5.4% bond with quarterly interest coupons, 3 years before maturity, to ...
Video: How eudicots (true dicots) differ from monocots Animation

For a complete list of videos, visit our video library