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Author Question: The figure above shows the market demand curve for pizza. a) What is the marginal social benefit ... (Read 117 times)

@Brianna17

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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


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lauravaras

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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

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Reply #2 on: Jun 29, 2018
Correct answers!


lauravaras

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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