Author Question: Your parents are coming to visit, and your house is a mess. You are willing to pay $45 an hour for ... (Read 95 times)

yulisa3298 · **on:** Nov 23, 2022

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

Hamad · **Reply #1 on:** Nov 23, 2022

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 55% of students answer this correctly