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

Author Question: Consumer surplus: a. does not exist in equilibrium. b. is illustrated by the area under the demand ... (Read 35 times)

jrubin

  • Hero Member
  • *****
  • Posts: 552
on: Jun 30, 2018
Consumer surplus:
 a. does not exist in equilibrium.
  b. is illustrated by the area under the demand curve and above the market price.
  c. is illustrated by the area under the demand curve and below the market price.
  d. is illustrated by the area above the supply curve and under the demand curve.

Question 2

If Bill is willing to pay 10 for one good X, 8 for a second, and 6 for a third, and the market price is 5, then Max's consumer surplus is:
 a. 24 b. 18.
  c. 9 d. 6.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

bd5255

  • Sr. Member
  • ****
  • Posts: 386
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


jrubin

  • Member
  • Posts: 552
Reply 2 on: Jun 30, 2018
:D TYSM

mcarey591

  • Member
  • Posts: 365
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Dentition of a collared peccary, as illustrated in Knight's Sketches in Natural History Dentition of a collared peccary, as illustrated in Knight's Sketches in Natural History
Lions mating in Ngorongoro Conservation Area, Tanzania Lions mating in Ngorongoro Conservation Area, Tanzania
How to find the area of any triangle given its three sides How to find the area of any triangle given its three sides
Apply compression and light effleurage techniques to the foot and ankle to warm the area. Apply compression and light effleurage techniques to the foot and ankle to warm the area.
Nucleic acid bases can exist in syn or anti conformations Nucleic acid bases can exist in syn or anti conformations
Hexoses exist in boat and chair conformations Hexoses exist in boat and chair conformations
Video: Cardiac conductile cells

For a complete list of videos, visit our video library