If you are willing to purchase a house for 300,000 and you purchase the house for 275,000 . this transaction will generate:
a. There is no surplus created
b. 25,000 worth of seller surplus and unknown amount of buyer surplus
c. 10,000 worth of buyer surplus and 15,000 of seller surplus
d. 25,000 worth of buyer surplus and unknown amount of seller surplus
Question 2
If you are willing to sell your car business for 500,000 and someone offers you 420,000 for it, this transaction will generate:
a. There is no surplus created
b. 80,000 worth of seller surplus and unknown amount of buyer surplus
c. 40,000 worth of buyer surplus and 40,000 of seller surplus
d. 80,000 worth of buyer surplus and unknown amount of seller surplus
Eating a house sparrow.
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