FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8 [3 points] Market demand for books is given by QB = 70 5p. Market supply of books is summarized by Q5 = 1030 20.

image text in transcribed
image text in transcribed
8 [3 points] Market demand for books is given by QB = 70 5p. Market supply of books is summarized by Q5 = 1030 20. The price in the market is $6 and the quantity bought is 40' What is th arginal willingness to pay for the 10th unit? - A. $3 B. $12 _\\. C. $20 D. $80 E. It is higher than $6 but we don't know exactly how much it is. Solution: B. Rewrite the demand curve as the inverse demand curve p = 70'5QD . For the 10th unit, P = M WTP = 7010 _ 5 $12

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing Human Resources

Managing Human Resources

Authors: Susan E Jackson, Randall S Schuler, Steve Werner

12th Edition

0190857560, 9780190857561

More Books

Students also viewed these Economics questions

Question

★★★★★
Listed below are the amounts (million metric tons) of carbon monoxide emissions in the United States for each year of a recent ten-year period. The data are listed in order. Construct the graph that...

Answered: 1 week ago

Question

★★★★★
Sketch the area described in Equation 7.5 through which the radial flow passes. Also verify Equations 7.6 and 7.14 by integrating Equations 7.5 and 7.13 using the boundary conditions given.

Answered: 1 week ago

Question

★★★★★
Let X1, X2,..., Xn denote independent and identically distributed random variables and define the order statistics X(1),..., X(n) by X(i) ith smallest of X1,..., Xn Show that if the distribution of...

Answered: 1 week ago

Question

★★★★★
Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15. The total payroll is taxable under FICA Taxes-HI; $63,850 is taxable under FICA Taxes-OASDI; and $10,300 is taxable under FUTA and...

Answered: 1 week ago

Question

★★★★★
If the simple CAPM is valid and all portfolios are priced correctly, which of the situations below is possible? Consider each situation independently, and assume the risk-free rate is 5%. A)...

Answered: 1 week ago

Question

★★★★★
Cul de las siguientes listas consiste en actividades de apoyo? Gestin de recursos humanos, desarrollo de tecnologa, servicio al cliente y adquisiciones. Gestin de recursos humanos, servicio al...

Answered: 1 week ago

Question

★★★★★
Define the following term: Plaintext Cryptogram Workfactor Digest Cryptanalysis Cryptovariable Collision Kerkhoff s Principle Digital signature Hybrid encryption

Answered: 1 week ago

Question

★★★★★
After working for a large public accounting firm for 8 years, Juan, Frieda and Wangshu decided to forge out on their own and formed JFW Associates, starting their business on September 1 , 2 0 2 3 ....

Answered: 1 week ago

Question

★★★★★
A spacecraft in deep space is isolated from its surroundings and is initially moving with the velocity v shown in the diagram above. It has thrusters on a swivel that fire such that the spacecraft...

Answered: 1 week ago

Question

★★★★★
Roak Company and Clay Company are similar firms that operate in the same industry. Clay began operations 2 years ago and Roak started 5 years ago. In the current year, both companies pay 8% interest...

Answered: 1 week ago

Question

★★★★★
Examine the summary of the balance of payments of the United States for 2021. Compute and discuss the balance on the current account and its subaccounts. A Summary of the U.S. Balance of Payments for...

Answered: 1 week ago

Question

★★★★★
Tony has a Visa credit card. The card has a balance of $10,138.42 with an APR of 27.89%. Visa expects the minimum payment to be 4.7% of the balance. Show the steps to answer the following questions....

Answered: 1 week ago

Question

★★★★★
11. Give two examples of each of the following heuristic assessment mechanisms. a) We use the information that is currently accessible. b) We assume an initial anchor point (value). c) We compare to...

Answered: 1 week ago

Question

★★★★★
4. Give an example of how the consistency principle can be used to influence others.

Answered: 1 week ago

Question

★★★★★
6. Give an example of how the liking principle can be used to influence others.

Answered: 1 week ago

Previous Question Next Question