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Author Question: Consider a good that you do not like at all, perhaps turnips. Given the market price for turnips, ... (Read 96 times)

Deast7027

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on: Jun 29, 2018
Consider a good that you do not like at all, perhaps turnips. Given the market price for turnips, what would be your consumer surplus?
 
  What will be an ideal response?

Question 2

Suppose that domestic investment in Japan is 20.2 of GDP, and Japanese national savings is 24 of GDP. What is Japan's foreign investment as a percentage of GDP?
 
  A) 1.19 B) 3.8 C) 27.8 D) 44.2


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cpetit11

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

Your consumer surplus will be zero. If you do not like turnips your willingness to pay will be zero. Therefore your willingness to pay will always be less than price and so you will never buy turnips. If you do not buy turnips your consumer surplus must be zero.

Answer to Question 2

B


Deast7027

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Jossy

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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