Economics > EXAM > econ 213 Problem Set ch. 5 Liberty University (All)

econ 213 Problem Set ch. 5 Liberty University

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A college student enjoys drinking hand-crafted ginger beer. Her willingness to pay for each bottle is shown in the following table. Number of bottles Willingness to pay (per bottle) 1 \$5 2 \$4 3 \$... 3 4 \$2 5 \$1 6 \$0 If a bottle of hand-crafted ginger beer costs \$4, how many bottles will the student buy? How much consumer surplus will she enjoy? Assume that the student will purchase bottles up to, but not including, the point at which she incurs a loss of consumer surplus. If the price of a bottle falls to \$3, how many bottles of handcrafted ginger beer will she buy? How much consumer surplus will she enjoy? Assume that the student will purchase bottles up to, but not including, the point at which she incurs a loss of consumer surplus. The table below shows the highest price that Peter, Paul, and Mary are willing to pay to see the popular Broadway musical Cats. How much is their total consumer surplus if the current ticket price is \$525? Seller Willingness to pay [Show More]

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