Question
-Emily goes to a music store looking to buy the latest Bruno Mars CD. She' s willing to pay up to $18.99 but is told
-Emily goes to a music store looking to buy the latest Bruno Mars CD. She' s willing to pay up to $18.99 but is told at the cash register that all CD's are marked down by 1/3rd. What's the value of Emily's consumer surplus?
-There are six potential buyers of computer games each willing to buy only one game. Person 1 will pay $40; Person 2 will pay $35; 3, $30; 4, $25; 5, $20; and 6, $15
- If the market price is $29, what is total consumer surplus?
- If the price decreases by $10, what is total consumer surplus now?
2.To Vivien clothing has a marginal utility of 20 utils and food a marginal utility of 20 utils.If clothing cost $4 and food $8, is Vivien doing her best in terms of satisfaction? If not, what could she do?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started