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Author Question: Four people each have a different willingness to pay for one unit of a good: George will pay 15, ... (Read 31 times)

Beheh

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on: Jun 29, 2018
Four people each have a different willingness to pay for one unit of a good: George will pay 15, Glen will pay 12, Tom will pay 10, and Peter will pay 8. If price decreases from 9 to 8 then the consumer surplus from this unit will increase by
 
  A) 3.
  B) 4.
  C) 2.
  D) 1.

Question 2

The figure above illustrates a linear demand curve. By comparing the price elasticity in the 2 to 4 price range with the elasticity in the 8 to 10 range, you can conclude that the elasticity is
 
  A) greater in the 8 to 10 range.
  B) greater in the 2 to 4 range.
  C) the same in both price ranges.
  D) greater in the 8 to 10 range when the price rises but greater in the 2 to 4 range when the price falls.


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ryhom

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


Beheh

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ryhom

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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