macmillanhighered.com Member Enrol..and Success ATLM: Princl.conomics $18 hairun
ID: 1173466 • Letter: M
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macmillanhighered.com Member Enrol..and Success ATLM: Princl.conomics $18 hairuniversity Cracks on Hi...e Community Exam 1 Principles of Microeconomics Section 241 Summer 2018 Done Exam 1 12. Suppose that a customer's willingness to pay for a product is $5, and the seller's willingness to s is $2. If the negotiated price is $3, how much is consumer surplus? O $5 O $8 13. Which factor would increase elasticity the most? O an increase in the number of tablet brands being offered a decrease in the proportion of one's income spent on televisions O a shorter time period to make decisions O a service such as high-speed Internet access that has become a greater necessity 14. If the cross elasticity of demand between fly rods and reels is -o.8, a decrease in the price of rods wouldsales of reels because the two goods are O decrease; substitutes increase; substitutes decrease; complements increase; complements 15. In which situation would consumers bear the highest incidence of a tax? an inelastic demand with an elastic supply an elastic demand with an elastic supply an inelastic demand with an inelastic supply an elastic demand with an inelastic supply 16. Another way of referring to a market economy is as a: cetens paribus Sc price systom demand economyExplanation / Answer
12.
Consumer Surplus = Willingness to Pay Price – Market Price
Willingness to pay = $5, Market price(negotiated price) = $3.
Consumer Surplus = $5 - $3
Consumer Surplus = $2
Ans : C
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