Question: Regis is hungry for a snack. Here is the value he places on a cupcake. Value of first cupcake $5 Value of second cupcake $4

Regis is hungry for a snack. Here is the value he places on a cupcake.

Value of first cupcake $5

Value of second cupcake $4

Value of third cupcake $3

Value of fourth cupcake $2

a. From this schedule, derive Regis’ demand schedule Graph his demand curve for cupcakes.

b. If the price of a cupcake is $3.50, how many cupcakes does Regis buy? How much consumer surplus does Regis get from his purchase? Show his consumer surplus in your graph.

c. If price falls to $2.50, how does quantity demanded change? How does Regis’ consumer surplus change? Show these changes in your graph.

Step by Step Solution

★★★★★

3.40 Rating (147 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Regiss demand schedule is Price Quantity Demanded More than 5 0 4 to 5 1 3 to 4 2 2 to 3 3 2 or le... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

If price lowered from $10 to $8 and quantity demanded rose from 50 to 51, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic and find out how much total revenue was...

Derive and plot Olivias demand curve for pie if she eats pie only la mode and does not eat either pie or ice cream alone (pie and ice cream are complements).

Price elasticity of demand measures the responsiveness of quantity demanded of a product to a change in the price of that product. 1. State the (midpoint) formula for calculating price elasticity of...

1. Problems and Applications Q1 Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is . If she had bought the iPhone on sale for $100, her consumer...

show all calculations please Consider a market in which Bert from Exercise 1 is the buyer and Ernie from Exercise 2 is the seller. 3. Use Ernie's supply schedule and Bert's demand schedule to find...

QUESTION 1 It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of Water Value Value of first bottle $7 Value of second bottle 5 Value of third bottle 3...

Good day, Questions 1 and 2, I've already solved, however, I just need the solution for Q3. QUESTION 1 It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Bottle...

16. Gaston buys ear pods for PhP1,200 and gets a consumer surplus of PhP800. a. What is his willingness to pay? (1 point) b. If he had bought the ear pods on sale for PhP900, what would be his...

Good day, QUESTION 1 It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of Water Value Value of first bottle $7 Value of second bottle Value of third...

please find the attached question QUESTION 1 It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of Water Value Value of first bottle $7 Value of second...

Explain how open innovation networks using the Internet can help firms decide on whether to customize or standardize product features.

You are one of the quality inspectors at Dart motors and looking after the quality of engine cylinders. Assume that the cylinders capacities are normally distributed with a mean of 1200 and standard...

Which of the following is a feature of a disability buyout plan? A . A short elimination period B . Tax deductible premiums C . Taxable benefits D . A lump - sum benefit payment option

The applied force?P?causes the rigid arm?ABC?to rotate clockwise about pin?A?through an angle of?0.05?. (Figure 1) Determine the normal strain developed in the wire?BD. Determine the normal strain...

Solve 4sinx = e with accuracy 10 ,by using: (a) Newton method with P, = 1 (b) Secant method with P, = and P = =

Find a formal solution to the following initial-boundary value problem. du = 4- dt 0 0, du (0.t) = 0, u(x,t) = 0 t> 0, u(x,0) = f(x). 0

Find a formal solution to the following initial-boundary value problem. du = 4 at 0 0, a(0,t) = 0, u(1,t) = 0 u(x,0) = f(x), 0

The first two problems use the following information: S(0) 159, S(2)179, r = 0.07, and 8 = 0.02. The underlying asset is Apple stock. 2.1. You decide to buy 10 shares of Apple in two years through a...

help me explain things i might've learned from this lab one thing i learned was If we don't specify it before the codes we can specify it before the functions like we did st.norm.sf() for the normal...

I need help with that I don't how to do it Help Save & Ex Medicare taxes at the rate of 145%, $12.860 of federal income taxes, $1,410 of medical insurance deductions, and 3880 of union ques. No...

General Journal Chart Of Accounts-Tom Regis CHART OF ACCOUNTS Regis Co. General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable 113 Notes...

Un January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries and $60,840 of sales salaries Withholdings from the employees salaries...

Question 1 Question 2 Requlred Information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term...

Please help with all 3 parts for Regis Company On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 of office salaries and $60,840 of sales...

$60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$12,760 of federal income taxes,...