Jess
January 27th, 2013, 05:39 PM
REQUEST CANCELLED. since it's too late
1. Consumer surplus for an individual buyer is equal to:
A. the price of the good minus the marginal cost of producing the good.
B. the consumer's willingness to pay for the good minus the marginal cost of producing the good.
C. the marginal cost of the good minus the consumer's willingness to pay for the good.
✓ D. the consumer's willingness to pay for the good minus the price of the good.
2. Mark and Rasheed are at the bookstore buying new calculators for the semester. Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator. The price for a calculator at the bookstore is $65. How much is total consumer surplus?
A. $10
✓ B. $45
C. $60
D. $35
3. http://i45.tinypic.com/2zz4u4y.jpg
Look at the figure Market Demand. The amount by which the total benefits to consumers exceed their total expenditure is called ________, and if the price is B, is depicted by the area ________.
A. consumer surplus; 0CDE
✓ B. consumer surplus; BCD
C. net benefit; 0BDE
D. producer surplus; BCD
4. Which situation would most likely cause a decrease in consumer surplus in the toy market?
A. Consumer income increases.
B. A new assembly line design increases worker productivity.
✓ C. The cost of shipping increases because of higher oil prices.
D. There is an unexpected baby boom.
5. When there is a bountiful harvest of grapefruit, total consumer surplus in the grapefruit market:
A. may change, but we can't tell how.
✓ B. will increase.
C. will decrease.
D. will remain the same.
6. http://i50.tinypic.com/51v2h.jpg
Look at the figure Consumer Surplus I. At a price of P1, consumer surplus equals the area:
A. AQ30.
B. AFP1.
C. ABP2.
✓ D. P1P2BF.
7. http://i50.tinypic.com/51v2h.jpg
Look at the figure Consumer Surplus I. If the price falls from P2 to P1, consumer surplus increases by the area:
A. BGF.
B. AFP1.
C. P1P2BF.
✓ D. ABP2.
8. Anna is willing to sell her 20-year-old boat, but not for less than $2,300. For Anna, the cost of selling this boat is ________ $2,300.
A. more than
B. There is not enough information to answer the question
✓ C. equal to
D. less than
9. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's total producer and consumer surplus equals the area:
A. DIF.
B. ADI.
✓ C. AIF.
D. BCDG.
10. http://i46.tinypic.com/s5b9dg.jpg
Look at the figure Monthly Supply of Bread. The graph represents the monthly supply of bread at a local bakery. At the current price of $3 per loaf of bread, the bakery produces 120 loaves of bread per month. The producer surplus received by this bakery is equal to:
A. $360
B. $120
✓ C. $180
D. $60
11. Luis is willing to sell his pool table for $600, but if he gets $840, the producer surplus Luis receives is ________.
A. $840
B. $1,440
C. $600
✓ D. $240
12. http://i45.tinypic.com/rqwtao.jpg
Look at the figure Producer Surplus and Supply. The difference between the total revenue received by sellers and their total cost is called ________ surplus, which is depicted by which area if the amount sold is E?
✓ A. producer; ABD
B. consumer; ABD
C. net; 0ADE
D. producer; 0BDE
13. Which of the following is true if there is a decrease in the demand for cupcakes?
A. There is an increase in total surplus.
B. There is an increase in producer surplus.
C. There is an increase in consumer surplus.
✓ D. There is a decrease in producer surplus.
14. When there is a new medical report extolling the health advantages of grapefruit, total producer surplus in the grapefruit market:
A. will decrease.
✓ B. will increase.
C. will remain the same.
D. may change, but we can't tell how.
15. http://i48.tinypic.com/2mcvml3.jpg
Look at the figure Producer Surplus III. If the price of the good is $4, producer surplus will equal:
A. $40
B. $60
✓ C. $80
D. $20
16. If total surplus falls, which of the following must have occurred?
A. There was an increase in demand and an increase in supply.
B. There was a decrease in demand or a decrease in supply.
C. There was an increase in demand or a decrease in supply.
✓ D. There was a decrease in demand and an increase in supply.
17. If total surplus rises, which of the following must have occurred?
A. There was a decrease in demand and a decrease in supply.
✓ B. There was an increase in demand or an increase in supply.
C. There was a decrease in demand or an increase in supply.
D. There was an increase in demand and a decrease in supply.
18. http://i45.tinypic.com/2ibztb4.jpg
Look at the figure Consumer and Producer Surplus. In the figure, if the price is held below the equilibrium price in this market, producer surplus ________ and total surplus ________.
A. decreases; decreases
✓ B. increases; decreases
C. decreases; stays the same
D. increases; stays the same
19. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's consumer surplus is equal to the area:
A. EHF
✓ B. ADI
C. DIF
D. ABC
20. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's producer surplus is equal to the area:
✓ A. DIF.
B. ADI.
C. EHF.
D. AIF.
DUE BY Mon, Jan 28, at 10 am EST!! please check the answers. I want a good score.
1. Consumer surplus for an individual buyer is equal to:
A. the price of the good minus the marginal cost of producing the good.
B. the consumer's willingness to pay for the good minus the marginal cost of producing the good.
C. the marginal cost of the good minus the consumer's willingness to pay for the good.
✓ D. the consumer's willingness to pay for the good minus the price of the good.
2. Mark and Rasheed are at the bookstore buying new calculators for the semester. Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator. The price for a calculator at the bookstore is $65. How much is total consumer surplus?
A. $10
✓ B. $45
C. $60
D. $35
3. http://i45.tinypic.com/2zz4u4y.jpg
Look at the figure Market Demand. The amount by which the total benefits to consumers exceed their total expenditure is called ________, and if the price is B, is depicted by the area ________.
A. consumer surplus; 0CDE
✓ B. consumer surplus; BCD
C. net benefit; 0BDE
D. producer surplus; BCD
4. Which situation would most likely cause a decrease in consumer surplus in the toy market?
A. Consumer income increases.
B. A new assembly line design increases worker productivity.
✓ C. The cost of shipping increases because of higher oil prices.
D. There is an unexpected baby boom.
5. When there is a bountiful harvest of grapefruit, total consumer surplus in the grapefruit market:
A. may change, but we can't tell how.
✓ B. will increase.
C. will decrease.
D. will remain the same.
6. http://i50.tinypic.com/51v2h.jpg
Look at the figure Consumer Surplus I. At a price of P1, consumer surplus equals the area:
A. AQ30.
B. AFP1.
C. ABP2.
✓ D. P1P2BF.
7. http://i50.tinypic.com/51v2h.jpg
Look at the figure Consumer Surplus I. If the price falls from P2 to P1, consumer surplus increases by the area:
A. BGF.
B. AFP1.
C. P1P2BF.
✓ D. ABP2.
8. Anna is willing to sell her 20-year-old boat, but not for less than $2,300. For Anna, the cost of selling this boat is ________ $2,300.
A. more than
B. There is not enough information to answer the question
✓ C. equal to
D. less than
9. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's total producer and consumer surplus equals the area:
A. DIF.
B. ADI.
✓ C. AIF.
D. BCDG.
10. http://i46.tinypic.com/s5b9dg.jpg
Look at the figure Monthly Supply of Bread. The graph represents the monthly supply of bread at a local bakery. At the current price of $3 per loaf of bread, the bakery produces 120 loaves of bread per month. The producer surplus received by this bakery is equal to:
A. $360
B. $120
✓ C. $180
D. $60
11. Luis is willing to sell his pool table for $600, but if he gets $840, the producer surplus Luis receives is ________.
A. $840
B. $1,440
C. $600
✓ D. $240
12. http://i45.tinypic.com/rqwtao.jpg
Look at the figure Producer Surplus and Supply. The difference between the total revenue received by sellers and their total cost is called ________ surplus, which is depicted by which area if the amount sold is E?
✓ A. producer; ABD
B. consumer; ABD
C. net; 0ADE
D. producer; 0BDE
13. Which of the following is true if there is a decrease in the demand for cupcakes?
A. There is an increase in total surplus.
B. There is an increase in producer surplus.
C. There is an increase in consumer surplus.
✓ D. There is a decrease in producer surplus.
14. When there is a new medical report extolling the health advantages of grapefruit, total producer surplus in the grapefruit market:
A. will decrease.
✓ B. will increase.
C. will remain the same.
D. may change, but we can't tell how.
15. http://i48.tinypic.com/2mcvml3.jpg
Look at the figure Producer Surplus III. If the price of the good is $4, producer surplus will equal:
A. $40
B. $60
✓ C. $80
D. $20
16. If total surplus falls, which of the following must have occurred?
A. There was an increase in demand and an increase in supply.
B. There was a decrease in demand or a decrease in supply.
C. There was an increase in demand or a decrease in supply.
✓ D. There was a decrease in demand and an increase in supply.
17. If total surplus rises, which of the following must have occurred?
A. There was a decrease in demand and a decrease in supply.
✓ B. There was an increase in demand or an increase in supply.
C. There was a decrease in demand or an increase in supply.
D. There was an increase in demand and a decrease in supply.
18. http://i45.tinypic.com/2ibztb4.jpg
Look at the figure Consumer and Producer Surplus. In the figure, if the price is held below the equilibrium price in this market, producer surplus ________ and total surplus ________.
A. decreases; decreases
✓ B. increases; decreases
C. decreases; stays the same
D. increases; stays the same
19. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's consumer surplus is equal to the area:
A. EHF
✓ B. ADI
C. DIF
D. ABC
20. http://i46.tinypic.com/f44op3.jpg
Look at the figure A Market in Equilibrium. At the equilibrium price, this market's producer surplus is equal to the area:
✓ A. DIF.
B. ADI.
C. EHF.
D. AIF.
DUE BY Mon, Jan 28, at 10 am EST!! please check the answers. I want a good score.