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

Author Question: The figure above shows the market demand curve for pizza. a) What is the marginal social benefit ... (Read 118 times)

@Brianna17

  • Hero Member
  • *****
  • Posts: 550
on: Jun 29, 2018
The figure above shows the market demand curve for pizza.
 
  a) What is the marginal social benefit of the 20th pizza?
  b) What is the maximum price a consumer is willing to pay for the 20th pizza?
  c) If the price of a pizza is 6, what is the consumer surplus of the 20th pizza?
  d) If the price of a pizza is 10, what is the consumer surplus?
  e) If the price of a pizza is 6, what is the consumer surplus?

Question 2

When the market for gasoline in Motorland is in equilibrium, the market price of gasoline is ________ the marginal social cost.
 
  A) 1.50 above
  B) 1.50 below
  C) equal to
  D) 1.20 above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jun 29, 2018
Answer to Question 1

a) The marginal social benefit of the 20th pizza is 10.
b) The maximum price a consumer is willing to pay for the 20th pizza is 10.
c) If the price of a pizza is 6, the consumer surplus of the 20th pizza is 4.
d) If the price of a pizza is 10, the consumer surplus is 40.
e) If the price of a pizza is 6, the consumer surplus is 160.

Answer to Question 2

B


@Brianna17

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 29, 2018
Correct answers!


lauravaras

  • Sr. Member
  • ****
  • Posts: 347
Reply #3 on: Jun 29, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

About 60% of newborn infants in the United States are jaundiced; that is, they look yellow. Kernicterus is a form of brain damage caused by excessive jaundice. When babies begin to be affected by excessive jaundice and begin to have brain damage, they become excessively lethargic.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Social grooming in a pair Social grooming in a pair
The answer to “What is the proper role of children in an economy?” varies by social class, ... The answer to “What is the proper role of children in an economy?” varies by social class, ...
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
Bandura's social-cognitive model of human behaviour Bandura's social-cognitive model of human behaviour
A phylogenetic tree showing the evolutionary relationships among hominoids. The evidence shows that A phylogenetic tree showing the evolutionary relationships among hominoids. The evidence shows that
Cut the figure into two identical parts Cut the figure into two identical parts
Video: The Lac Operon in E. Coli

For a complete list of videos, visit our video library