Question: Please use typing instead of handwriting. Please write clearly if you cannot type. Thank you! There are seven consumers, each of whom is hungry for

Please use typing instead of handwriting. Please write clearly if you cannot type. Thank you! There are seven consumers, each of whom is hungry for exactly one Butterfinger. The consumers' maximum willingness to pay is

Please use typing instead of handwriting. Please write clearly if you cannot type. Thank you!

given in the following table. Consumer Maximum (age, gender) Willingness to Pay

Bart (9, male) 7 Maggie (2, female) Lisa (6, female) Homer (38,

male) Krusty (55, male) Marge (34, female) Ned (46, male)The demand is

There are seven consumers, each of whom is hungry for exactly one Butterfinger. The consumers' maximum willingness to pay is given in the following table. Consumer Maximum (age, gender) Willingness to Pay Bart (9, male) 7 Maggie (2, female) Lisa (6, female) Homer (38, male) Krusty (55, male) Marge (34, female) Ned (46, male)The demand is drawn in the following diagram. Price ($) 8 4 70 6+ O- O- 5 + O- NO O- 1 + 1 05 . 4 5 6 Quantity 7(A) Suppose that you are a monopoly seller of Butterfingers, which you can produce at a constant marginal and average total cost of $2. Suppose you charge every customer the same price for Butterfingers. What price should you set to maximize your profit? How many Butterfingers will you sell? Calculate your profit. Calculate the consumer surplus received by the buyers. Calculate the deadweight loss. (B) Suppose that every customer who comes into your Butterfinger store has their maxi- mum willingness to pay displayed in neon on their foreheads. You decide to use this information to increase your profit by practicing first-degree price discrimination. How many Butterfingers will you sell? Calculate your profit. Calculate the consumer surplus received by the buyers. Calculate the deadweight loss

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