Alexis, Bruno, and Camila each want an ice-cream cone. Alexis is willing to pay $12, Bruno...

 

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Alexis, Bruno, and Camila each want an ice-cream cone. Alexis is willing to pay $12, Bruno is willing to pay $8, and Camila is willing to pay $4. The market price is $6. Consumer surplus equals 06 09 O 14 08 Question 12 O $50 and $50 4 points Suppose the market for a certain good is perfectly competitive and the demand is given by P50-Q and the supply is given by P=40. The market is currently in equilibrium. What is the consumer surplus and producer surplus, respectively? O $50 and $200 O $200 and $50 $200 and $200 Save Arwer Question 13 0.5 Assume that a decrease of 10 percent in the price of cars results in an increase of 30 percent in quantity demanded, then the price elasticity of demand is 0.333 01 4 points 03 Save Answer Question 14 Price, S 2.10 1.80 1.60 1.40 1.20 Quantity demanded 800 1,600 2,400 3,200 4,100 O ($1.60, 2400) O ($2.10, 800) O ($1.20, 200) O ($1.40, 3200) Quantity supplied 7,200 4,800 2,400 800 200 The table above shows the demand and supply schedule for a football ticket. What is the market equilibrium point? Question 15 Jane owns a bakery where she sells blueberry muffins. At the start of the year, she raised the price from $3 to $4. Her total revenue for the year was less than the previous year. What does this tell us about the price elasticity of demand for Jane's blueberry muffins going from a price of $3 to 547 O It's unit elastic. We cannot infer anything about the price elasticity of demand from this information. It's inelastic. 4 points Save Answer O It's elastic. Alexis, Bruno, and Camila each want an ice-cream cone. Alexis is willing to pay $12, Bruno is willing to pay $8, and Camila is willing to pay $4. The market price is $6. Consumer surplus equals 06 09 O 14 08 Question 12 O $50 and $50 4 points Suppose the market for a certain good is perfectly competitive and the demand is given by P50-Q and the supply is given by P=40. The market is currently in equilibrium. What is the consumer surplus and producer surplus, respectively? O $50 and $200 O $200 and $50 $200 and $200 Save Arwer Question 13 0.5 Assume that a decrease of 10 percent in the price of cars results in an increase of 30 percent in quantity demanded, then the price elasticity of demand is 0.333 01 4 points 03 Save Answer Question 14 Price, S 2.10 1.80 1.60 1.40 1.20 Quantity demanded 800 1,600 2,400 3,200 4,100 O ($1.60, 2400) O ($2.10, 800) O ($1.20, 200) O ($1.40, 3200) Quantity supplied 7,200 4,800 2,400 800 200 The table above shows the demand and supply schedule for a football ticket. What is the market equilibrium point? Question 15 Jane owns a bakery where she sells blueberry muffins. At the start of the year, she raised the price from $3 to $4. Her total revenue for the year was less than the previous year. What does this tell us about the price elasticity of demand for Jane's blueberry muffins going from a price of $3 to 547 O It's unit elastic. We cannot infer anything about the price elasticity of demand from this information. It's inelastic. 4 points Save Answer O It's elastic.

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Question Q 1 Consumer surplus 8 C onsumer surplus maximum price willing to pay actual market price 1... View the full answer