When people pay less for something than it is worth to them, they receive what is called a(n) ______. Question 3 options: a) consumer surplus b) economic benefit c) deadweight loss
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When people pay less for something than it is worth to them, they receive what is called a(n) ______.
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- I think the answer to this is A but I think it could also be B. Each point on a demand curve shows A) the willingness of consumers to purchase a product at different prices. B) the consumer surplus received from purchasing a given quantity of a product. C) the economic surplus received from purchasing a given quantity of a product. D) the legally determined maximum price that sellers may charge for a given quantity of a product.Question 4 Consumer surplus If the inverse demand function for snow shovels in Laramie in May is p=10-2q 1. What is the consumer surplus if the price is $4? 2. What is the total value?Producer surplus is the difference between what consumers are willing to pay produce and what they actually do produce. Note: Select an option True False er than the Save Answer button will NOT save any changes to your answers!
- Consumer surplus exists when a A) person buys something with a marginal benefit more than what they paid. B) person buys something with a marginal cost less than what they paid. C) person buys something with a marginal benefit less than what they paid. D) producer sells something for more than it is worth.Think about all the goods and services that you consume. Which product gives you the highest consumer surplus? Discuss in detail using the equation of consumer surplusI don't understand the meaning of this sentence. This is the concept that experts say when answering questions. Could you explain that? Why is consumer surplus equal to the utility obtained in consumption? Utility refers to the total amount of satisfaction that derived from the consumption of goods and services. The person's consumer surplus in this case is equal to the utility he derived from the consumption.
- V surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)Betty is willing to pay up to $150 for a particular pair of boots. She is able to buy the boots for $120. The marginal cost of producing the boots is $60. How large is the total economic surplus associated with her purchase of the boots?(b) What is consumer surplus? Use the following demand and supply functions to estimate consumer surplus. D= 140-3P S= 5P-20
- Consumer Surplus Suppose that the inverse market demand for a product is given by p = 100 (a) Assume that the market price is $10. Calculate the quantity demanded and the consumer surplus. (b) Imagine now that there is a price discount of $5. Find the change in consumer surplus as a result of the discount. Are consumers better-off or worse-off?Select the correct one : A “Spider-man” DVD is worth $30 to Marcus. But he buys one on sale for just $15. What is the consumer surplus that results from Marcus’s purchase? a) $10 b) $25 c) $15 d) cannot be determined from the information given. e) $40 Note : option c) $ 15 & option d) is incorrectWhich of the following statements is correct? A) An increase in price decreases consumer surplus. B) The consumer surplus from a good is always larger than the total benefit from the good. C) An increase in price has no effect on consumer surplus. D) Consumer surplus equals the price paid for a good.
