« 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 62 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?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

The calories found in one piece of cherry cheesecake could light a 60-watt light bulb for 1.5 hours.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

How to determine if a quadratic equation has a maximum or minimum when given the roots How to determine if a quadratic equation has a maximum or minimum when given the roots
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
Paleocene-Eocene Thermal Maximum Paleocene-Eocene Thermal Maximum
State the amplitude, period, equation of the axis, and maximum and minimum value State the amplitude, period, equation of the axis, and maximum and minimum value
Calculus help: Find the absolute minimum and absolute maximum f(x) = (x2 —1) on [-1.2] Calculus help: Find the absolute minimum and absolute maximum f(x) = (x2 —1) on [-1.2]
Calculus help: Find a cubic function f (x) = ax3 +bx2 +cx+d that has a local maximum value of 3 ... Calculus help: Find a cubic function f (x) = ax3 +bx2 +cx+d that has a local maximum value of 3 ...
Video: Central Nervous System Animation

For a complete list of videos, visit our video library