Maya loves ice creams, but she eventually tires of it. The following table shows the highest...
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Maya loves ice creams, but she eventually tires of it. The following table shows the highest price that Maya is willing to pay for each successive scoops of ice cream per week. Ice cream Maya's willingness to pay First $4.25 Second $3.90 $3.20 $2.78 $2.00 $0.00 Third Fourth Fifth Sixth 1 Suppose Maya were to consume 3 scoops of ice cream per week. What is the total value she would place on her 3 weekly scoops of ice cream? 2 If the market price is $3.50 per each scoop of ice cream, how many scoops of ice cream will Maya buy and consume per week? 3 If the market price is $3.50 per each scoop of ice cream, calculate the weekly consumer surplus that Maya gets from consuming ice creams? Maya loves ice creams, but she eventually tires of it. The following table shows the highest price that Maya is willing to pay for each successive scoops of ice cream per week. Ice cream Maya's willingness to pay First $4.25 Second $3.90 $3.20 $2.78 $2.00 $0.00 Third Fourth Fifth Sixth 1 Suppose Maya were to consume 3 scoops of ice cream per week. What is the total value she would place on her 3 weekly scoops of ice cream? 2 If the market price is $3.50 per each scoop of ice cream, how many scoops of ice cream will Maya buy and consume per week? 3 If the market price is $3.50 per each scoop of ice cream, calculate the weekly consumer surplus that Maya gets from consuming ice creams?
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Part 1 WTP Willingness to pay Total Value of 3 scoops of ice cream for Maya WTP for the 1 st scoop o... View the full answer
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
Posted Date:
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