10. Dominic is willing to pay $12 for a single pizza; Stephany is willing to pay $7;...
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10. Dominic is willing to pay $12 for a single pizza; Stephany is willing to pay $7; and Tyler is willing to pay $5. There are no other potential consumers of pizza. Cheezbuzz, the supplier of pizza, has a cost of $1 for the first pizza, $2 for the second pizza, $3 for the third, $4 for the fourth, and so on.
a. In a closed market equilibrium, what is the social surplus?
b. Suppose pizza has a world price of $10.50. How many pizzas will be exported?
c. Now suppose pizza has a world price of $2.50. What will be the social surplus?
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