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Author Question: If Ed is willing to pay a maximum of 200 for a tweed sport coat but buys one for 180, that 20 saved ... (Read 50 times)

jayhills49

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  • Posts: 559
on: Jul 1, 2018
If Ed is willing to pay a maximum of 200 for a tweed sport coat but buys one for 180, that 20 saved is
 a. his reservation price
  b. the store's producer surplus
  c. his total expenditure
  d. his marginal utility
  e. his consumer surplus

Question 2

A measure of consumer surplus in any market is
 a. total expenditure on the good
  b. the area above the supply curve and below the price
  c. the area beneath the demand curve
  d. the area beneath the demand curve and above the price
  e. the market price


juliaf

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  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

D


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