Question 1
Market Equilibrium
The graph shows the market for elephant rides.
Assume that P1=$3.00, P2=$4.50, P3=$13.50, and Q1=3.75. At market equilibrium, what is the consumer surplus? What is the producer surplus? What is economic surplus? Please round your answer to two decimal places.
◦ $33.75, $2.81, $36.56
◦ $16.88, $8.44, $25.32
◦ $16.88, $2.81, $19.69
◦ $33.75, $8.44, $42.19
Question 2
Your parents are coming to visit, and your house is a mess. You are willing to pay $45 an hour for someone else to clean your house for you. Your friend, Abe, is willing to accept $60 an hour to clean houses. Suppose you and Abe come to an agreement and you settle on a price of $52.50 an hour and it takes 5 hours to clean your house. What is the consumer surplus? What is the producer surplus? Please round your answer to two decimal places.
◦ $225.00, -$37.50
◦ -$37.50, -$37.50
◦ -$37.50, $300.00
◦ $225.00, $300.00
Would you put one of these in your house? :D
On May 15, 1916, after deliberating for one hour, an all-white jury in Waco, Texas, found seventeen-
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