12 May WHAT IS THE CONSUMER SURPLUS ASSOCIATED WITH THE 50TH UNIT OF CONSUMPTION?
Which of the following occurs when a market is efficient? a. consumer surplus equals producer surplus b. consumer surplus is as large as possible c. deadweight loss is maximized d. the sum of consumer and producer surplus is maximizedConsumer surplus represents a. how much more the consumer is willing to pay than he actually has to pay. b. the difference between the consumer’s marginal benefit and the firm’s marginal cost. c. the highest price a consumer is willing to pay. d. how much the consumer actually has to pay.Suppose that the market illustrated by the graph on the right is in equilibrium, and the price is $8. Use the graph to answer the following questions.1. What is the consumer surplus associated with the 50th unit of consumption?2. Shade the area that represents the total consumer surplus in this market when the price is $8.3. Shade the area that represents the total consumer surplus in this market when the price is $10.4. Shade the area that represents the deadweight loss in this market when the price is $10.Which of the following occurs when a market is efficient? a. consumer surplus equals producer surplus b. consumer surplus is as large as possible c. deadweight loss is maximized d. the sum of consumer and producer surplus is maximizedConsumer surplus represents a. how much more the consumer is willing to pay than he actually has to pay. b. the difference between the consumer’s marginal benefit and the firm’s marginal cost. c. the highest price a consumer is willing to pay. d. how much the consumer actually has to pay.Suppose that the market illustrated by the graph on the right is in equilibrium, and the price is $8. Use the graph to answer the following questions.1. What is the consumer surplus associated with the 50thunit of consumption?2. Shade the area that represents the total consumer surplus in this market when the price is $8.3. Shade the area that represents the total consumer surplus in this market when the price is $10.4. Shade the area that represents the deadweight loss in this market when the price is $10.
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