Person total consumer surplus

Assignment Help Macroeconomics
Reference no: EM131051152

Suppose the demand function for Polo shirts is Q = 15 - 0.5P. At a market price of $10, a person with this demand function buys a total of 10 shirts.

a. What is this person's total consumer surplus?

Reference no: EM131051152

Questions Cloud

Consumers and producers and exporting country : Which agents (from among importing country's consumers and producers and exporting country's consumers and producers) are better off, and which are worse off as a result of free trade between the countries?
Value of the nominal exchange rate : What determines the value of the nominal exchange rate? How does an appreciation of the exchange rate affect aggregate demand? (200 words minimum) also use of graph would help.
Customs and traditions and economic roles : 1. An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next
Financial reporting problem : The financial statements of P&G are presented in Appendix 5B. The company's complete annual report, including the notes to the financial statements, can be accessed at the book's companion website, www. wiley.com/college/kieso.
Person total consumer surplus : Suppose the demand function for Polo shirts is Q = 15 - 0.5P. At a market price of $10, a person with this demand function buys a total of 10 shirts. a. What is this person's total consumer surplus?
Develop a business systems planning document : CIS8004-Assignment 1 & 2. Your task is to develop a Business Systems Planning document with full justification as to how these are applicable for the organisation. Your planning document must determine how best to accommodate smart handheld device..
Elasticity of demand and cost structure : As you increase the price of a good you are selling, your total revenue increases, but your total profit decreases. Supposing that your demand has not changed, what do these two facts imply for the price elasticity of demand and your cost structur..
Several bond issues-what is the after tax cost of debt : Ying Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table. Bond Coupon Rate Price Quote Maturity Face Value 1 6.5 % 106.36 5 years $ 45,000,000 2 8.0 115.02 8 years 40,000,0..
Rental price of capital increases : The wages of workers rise by 20% and the rental price of capital increases by 25%. The firm should hire __________ labor and __________ capital.

Reviews

Write a Review

Macroeconomics Questions & Answers

  The global financial crisis

The economic and financial crisis from 2008 to 2009, also known as the global financial crisis, was considered to be the worst financial crisis since the Great Depression. The general situation at financial markets has been additionally complicated b..

  Calculate the profits for increase and decrease in quantity

Using the values of DOL calculated above, calculate the profits for a 10% increase and 10% decrease in quantity.

  What is the equation of the supply curve

Consider the following PPF for a beverage factory. Which of the points of production is efficient - What is the opportunity cost of producing 1 dozen cream puffs for Sol?

  What will yield the same choices for the consumer

Sometimes it is convenient to think about the consumer's problem in its "dual" form. This alternative approach asks how a person could achieve a given target level of utility at minimal cost. Develop a graphical argument to show that this approach ..

  Maximum number of ipods

Suppose that the production function for iPods isQ= 20K0.5L0.5. The marginal product of labor is 10(K/L)0.5, and the marginal product of capital is 10(L/K)0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the firm ha..

  First explain what the free rider is

First explain what the free rider is ?Then discuss how the problem applies to

  Calculate irr on a home using companys insulated concrete

However, using these new concrete forms adds 10% to the overall cost of the home. A typical 2,000 sq. ft. home using standard concrete forms costs $120 per square foot to construct and uses $300 per month average to heat and cool. Calculate the IR..

  Distinguish between private and social costs and use

Distinguish between private and social costs and use this distinction to explain why the air in cities is so polluted from automobile exhaust fumes. Examine how government can try to correct this externality.

  What is the change in the real rate of interest

What is the growth rate of real GDP - what is the change in the real rate of interest and nominal rate of interest?

  What dollar amount of open market operations

How much must the money supply change for the Fed to induce the change in real planned investment calculated in part a and what dollar amount of open market operations must the Fed undertake to bring about the money supply change calculated in part ..

  Explain protection afforded by the nominal tariff

Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff? Less-developed nations sometimes argue that the industrialized nations' tariff st..

  The bertrand and cournot oligopoly models differ with regard

The Bertrand and Cournot oligopoly models differ with regard to whether they compete on price of quantity. The profits from each strategy are significantly different. Why?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd