Exam 4: Consumer and Producer Surplus

Use the following to answer question: -(Table: Producer Surplus)Use Table: Producer Surplus.If the price of a ticket to see The Nutty Nutcracker is $75,then Dudley's producer surplus is:

Use the following to answer question: -(Table: Willingness to Pay for Basketball Sneakers)The table Willingness to Pay for Basketball Sneakers shows each player's willingness to pay for basketball sneakers.Assume that each player wants to buy at most,one pair of sneakers.If the price of basketball sneakers is $130,how many pairs will be purchased?

Use the following to answer question: -(Table: Consumer Surplus)Use Table: Consumer Surplus.Assume that each student wants to buy one ticket.If the price of a ticket to see The Nutty Nutcracker is $75 and there is no other market for tickets,the total consumer surplus for the five students is:

Use the following to answer question: -(Figure: Consumer Surplus II)Look at the figure Consumer Surplus II.If the price of the good is $2,consumer surplus will equal:

Use the following to answer question: -(Figure: The Market for Hamburgers)The figure The Market for Hamburgers shows the weekly market for hamburgers in Irvine,Kentucky.If the price of a hamburger is $1 and 200 hamburgers are supplied,producer surplus will equal:

Assuming that the supply curve of cupcakes is upward-sloping and demand for cupcakes decreases,there is a(n)_____ in _____ surplus.

Use the following to answer question: -(Table: Pumpkin Market)There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,Andy buys _____ pumpkins and his consumer surplus is _____.

Use the following to answer question: -(Table: Willingness to Pay for Peanuts)Using the table Willingness to Pay for Peanuts,if the price of a bag of peanuts is $4,what is the value of George's consumer surplus?

Use the following to answer question: -(Table: Firm's Willingness)The table Firm's Willingness explains the relation between the number of reports a firm is willing to produce and the lowest price it is willing to accept to prepare those reports.If the price of reports is $15,how many reports will the firm produce,and what will the producer surplus be?

Jeanette is willing to pay $100 for the first pair of shoes,$80 for the second pair,$50 for the third,and $30 for the fourth.If shoes cost $50 and assuming that she buys shoes when she's indifferent about buying a given pair,Jeanette will buy _____ pairs of shoes and her total consumer surplus equals _____.

When there is a bountiful harvest of grapefruit,assuming that the demand curve for grapefruit is downward-sloping,total consumer surplus in the grapefruit market:

Use the following to answer question: -(Figure: A Market in Equilibrium)Look at the figure A Market in Equilibrium.At the equilibrium price,this market's producer surplus is equal to the area:

Use the following to answer question: -(Table: Producer Surplus and Phantom Tickets)The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera.Assume that each student has only one ticket to sell.Given the information in the table,if these students can sell their Phantom tickets for only $5,then:

(Table: Economics Textbooks)The table Economics Textbooks shows how much money four consumers would be willing to pay for a new economics textbook.If the price of the textbook is $100,what is the total consumer surplus received by these consumers?

Use the following to answer question: -(Table: Willingness to Pay for Basketball Sneakers)The table Willingness to Pay for Basketball Sneakers shows each player's willingness to pay for basketball sneakers.Assume that each player wants to buy at most,one pair of sneakers.If the price of basketball sneakers is $125,which players will purchase sneakers?

Use the following to answer question: -(Table: Consumer Surplus and Phantom Tickets)The table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom of the Opera ticket.Assume that each student wants to buy one ticket.If the box office price of a ticket to see Phantom of the Opera is $130 and there is no other market for tickets,the total consumer surplus for the five students is:

Mountain River Adventures offers whitewater rafting trips down the Colorado River.It costs the firm $100 for the first raft trip per day,$120 for the second,$140 for the third,and $160 for the fourth.If the market price for a raft trip was $120 but has now increased to $150,the gain in producer surplus is equal to:

If the government intervened in the market by lowering the price of a good below the equilibrium price,which scenario would NOT occur?

Vonda and Aleiyah are shopping together at the mall for new jeans.Vonda is willing to pay $90 and Aleiyah is willing to pay $50 for a pair of jeans.What is the gain in total consumer surplus when the price decreases from $59 to $40?

Use the following to answer question: -(Table: Producer Surplus)Use Table: Producer Surplus.If the price of a ticket to see The Nutty Nutcracker is $75,then Caitlin's producer surplus is: