Homework Answers
A. If the market price is 20
Quailana,wilbour and ming-la will purchase the good.
Explanation: becouse of the willingness to pay. Carlos willingness to pay is 15 so he will not buy a good because price is more than that. But for rest of people willingness to pay is more than the price so they all can buy that good.
B.
It will be sell at 45 and MING-LA will buy it.
Consumer surplus:25
Explanation : when bid will happen and there will be only one good then, ming-la will buy that goood as he has the highest willingness to pay.
Consumer surplus will be 20-45=25.
C.
45
Consumer surplus= 25-20=5 for quailana
35-20=15 for wilbour
45-20=25 for ming-la
So total consumer surplus will be 45.
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1.
2.
3.
4.
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Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point CS 2. If the government impreses a price of 5100 in this market, then by how much r e sula will decrease point 3. If the government imposes a price ceiling of 580 in this market, ther, assuming those with the highest willingness to pay purchase the good calculate consumer surplus point
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