The accompanying graph shows the demand and supply of dorm-room-sized fridges sold in Collegetown per semester. At

Question:

The accompanying graph shows the demand and supply of dorm-room-sized fridges sold in Collegetown per semester. At equilibrium, producer surplus is________ per semester.

a. 1/2* 1600 * $60 = $48,000

b. 1/2* 1600 * $20 = $16,000

c. 1/2* 1600 * $40 = $32,000

d. $40 *1600 = $64,000

e. Unknown, since the price of fridges is unknown

Quantity (number of fridges per semester) 400 800 1200 1600 2000 2400 2800 3200 3600 4000 10 Price ($ per

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introduction To Economics Social Issues And Economic Thinking

ISBN: 9780470574782

1st Edition

Authors: Wendy A. Stock

See More Books

Question Posted: Oct 28, 2023 06:54 AM

See More Questions

The graph shows the demand and supply of dorm- room-sized fridges sold in College town per semester. At equilibrium, consumer surplus is _______per semester. a. 1/2 1600 $60 = $48,000 b. 1/2 1600 ...
The graph shows the demand and supply of dorm- room-sized fridges sold in Collegetown per semester. Given this information, the maximum amount that consumers are willing to pay for the 800th fridge...
The graph shows the demand and supply of dorm- room-sized fridges sold in Collegetown per semester. If the cost of shipping fridges to Collegetown falls, a possible new equilibrium price and quantity...
Hanover Inc. expects to have a cash balance of 546.000 on January 1, 2017. Relevant monthly budget Prepare cash budget, data for the first two months of 2017 are as follows: (10 4) Al' 1. Collections...
A firm based in Washington State wants to export a shipload of finished lumber to the Philippines. The would-be importer cannot get sufficient credit from domestic sources to pay for the shipment but...
Currently a stock that sells for $57 has a put option at $55 and another at $60. The prices of the options are $6 and $3, respectively. What would you do? Illustrate and explain your actions.
16.9 What manager generally is in the best position to influence the direct-labor rate variance?
A liquid mixture contains 600 wt% ethanol (E), 5.0 wt% of a dissolved solute (S), and the balance water. A stream of this mixture is fed to a continuous distillation column operating at steady state....
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned....
The graph shows the demand and supply of dorm- room-sized fridges sold in Collegetown per semester. Suppose that the price is initially $50 each. At this price______ fridges would be sold per...
Ceteris paribus, the demand for a product will be relatively elastic if a. There are no close-substitute products available. b. Spending on the product constitutes a very small portion of consumer...
What does it mean for a function to be a solution to a differential equation?
A pistoncylinder device contains 0.85 kg of refrigerant-134a at 210 oC. The piston that is free to move has a mass of 12 kg and a diameter of 25 cm. The local atmospheric pressure is 88 kPa. Now,...
3.3. Using the BEMT, show the effect of increasing linear twist on the variations in inflow, thrust, induced power, profile power, and lift coefficient across the span of a rotor with four blades of...
By uploading this work, I attest that the work contained herein is solely my own, that I only used the given equation sheet as a reference, and that I have not received any information from anyone...
Demand for patient surgery at Washington General Hospital has increased steadily in the past few years, as seen in the following table: ...
Explain product analysis
As a certified public accountant, you have been contacted by Joe Davison, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the...
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
Describe the four types of teams.
Describe the three main components of effective teams.
How can managers help individuals become team players?
Sato Jewellers has had a request for a special order for 10 gold bangles for the members of a wedding party. The normal selling price of a gold bangle is $390.00 and its unit product cost is $260.00,...
CALCULATOR FULL SCREEN ment PRINTER VERSION Problem 1-2A (Part Level Submission) On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies...
Income Statement Sales (38,000 units x $42.10 per unit) Cost of goods sold (38,000 units * $20 per unit) Gross margin Selling and administrative expenses Net operating income $1,599,800 760,000...

The accompanying graph shows the demand and supply of dorm-room-sized fridges sold in Collegetown per semester. At

Question:

Quantity (number of fridges per semester) 400 800 1200 1600 2000 2400 2800 3200 3600 4000 10 Price ($ per fridge) D

Step by Step Answer:

The producer surplus is the difference between the price at ...View the full answer

Introduction To Economics Social Issues And Economic Thinking

Students also viewed these Business questions