User Account

All Pages

What is consumer surplus

Assignment Help Business Economics
Reference no: EM133077981

Suppose demand is given by QD = 6 - P.

1. Graph the demand curve.

2. If the price were $2, what is consumer surplus?

3. If the price goes up to $4, what is the new consumer surplus? This new surplus should be lower; explain why.

Reference no: EM133077981

Questions Cloud

Discussed the concept of market segmentation : we discussed the concept of market segmentation, which is defined as product positioning that subdivides the market to target specific customers.
Optimize your strategies to compete in healthcare : You want to explore more innovative tools and be able to enhance and optimize your strategies to compete in healthcare.
Relationship between annual objectives and policies : Briefly explain the seven guidelines to follow in developing an organizational chart. Describe the relationship between annual objectives and policies.
Do you think workplace diversity : Do you think workplace diversity should be driven by balancing differences or by hiring and selecting the most qualified person for the position? Why?
What is consumer surplus : 1. Graph the demand curve. 2. If the price were $2, what is consumer surplus?
Entrepreneur potential earnings : The following is cost information for the Creamy Crisp Donut Company.
What is the price per cubic meter during off-peak times : What is the price per cubic meter during off-peak times? (Note: Ignore currency symbol. Round your answer up to two decimal points.)
Determine a pricing strategy : The entry of a private entity into the water utility business has brought changes in operational processes. One particular example is that of Metro Dumaguete Wa
Explain the distinctions in political organization : Explain the distinctions in political organization, social objectives, and economic enterprise among capitalism, socialism and the mixed economy

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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