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Figure 7-33 Figure 7-33 -Refer to Figure 7-33.How much is total surplus in this market at the equilibrium price? -Refer to Figure 7-33.How much is total surplus in this market at the equilibrium price?

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Total surp...

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What do economists call the highest amount a consumer will pay to purchase a good?

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The (maxim...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose the government imposes a price floor at $10 per unit in this market.With the price floor,how much is total producer surplus assuming those producers with the lowest cost are the ones who supply the market? -Refer to Figure 7-34.Suppose the government imposes a price floor at $10 per unit in this market.With the price floor,how much is total producer surplus assuming those producers with the lowest cost are the ones who supply the market?

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Total producer surpl...

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Scenario 7-2 Suppose market demand and market supply are given by the equations: Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to How much total consumer surplus goes to new consumers who enter the market after the supply curve shifts? -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to How much total consumer surplus goes to new consumers who enter the market after the supply curve shifts? How much total consumer surplus goes to new consumers who enter the market after the supply curve shifts?

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Total consumer surplus increas...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose the government imposes a price floor at $10 per unit in this market.With the price floor,how much is total consumer surplus? -Refer to Figure 7-34.Suppose the government imposes a price floor at $10 per unit in this market.With the price floor,how much is total consumer surplus?

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Total consumer surpl...

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Figure 7-31 Figure 7-31 -Refer to Figure 7-31.If the market equilibrium price rises from $25 to $35,how much is the increase in producer surplus to the producers supplying units at the initial $25 price? -Refer to Figure 7-31.If the market equilibrium price rises from $25 to $35,how much is the increase in producer surplus to the producers supplying units at the initial $25 price?

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The increase in prod...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase for those consumers who enter the market after the price floor is removed? -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase for those consumers who enter the market after the price floor is removed?

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New consumers entering the mar...

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Scenario 7-2 Suppose market demand and market supply are given by the equations: Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.How much is total producer surplus at the equilibrium price in this market? -Refer to Scenario 7-2.How much is total producer surplus at the equilibrium price in this market?

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Total producer surpl...

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Figure 7-32 Figure 7-32 -Refer to Figure 7-32.If the government imposed a price floor at $35 in this market,how much is consumer surplus? -Refer to Figure 7-32.If the government imposed a price floor at $35 in this market,how much is consumer surplus?

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Consumer s...

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Figure 7-32 Figure 7-32 -Refer to Figure 7-32.At what price will total surplus be maximized in this market? -Refer to Figure 7-32.At what price will total surplus be maximized in this market?

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.Total surplus will ...

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Figure 7-33 Figure 7-33 -Refer to Figure 7-33.How much is total producer surplus in this market at the equilibrium price? -Refer to Figure 7-33.How much is total producer surplus in this market at the equilibrium price?

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Total producer surpl...

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Suppose John's cost for performing some carpentry work is $120.If John is paid $200 for the carpentry work,what is his producer surplus?

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His produc...

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Figure 7-32 Figure 7-32 -Refer to Figure 7-32.If the government imposed a price ceiling at $20 in this market,how much are consumer surplus,producer surplus,and total surplus? -Refer to Figure 7-32.If the government imposed a price ceiling at $20 in this market,how much are consumer surplus,producer surplus,and total surplus?

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Consumer surplus is ...

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Answer each of the following questions about demand and consumer surplus. a.What is consumer surplus,and how is it measured? b.What is the relationship between the demand curve and the willingness to pay? c.Other things equal,what happens to consumer surplus if the price of a good falls? Why? Illustrate using a demand curve. d.In what way does the demand curve represent the benefit consumers receive from participating in a market? In addition to the demand curve,what else must be considered to determine consumer surplus?

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a.
Consumer surplus measures the benefit...

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Figure 7-32 Figure 7-32 -Refer to Figure 7-32.How much are consumer surplus,producer surplus,and total surplus at the market equilibrium price? -Refer to Figure 7-32.How much are consumer surplus,producer surplus,and total surplus at the market equilibrium price?

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.Consumer surplus is...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.If the government removed the price ceiling,by how much would total producer surplus increase for those producers entering the market after the price ceiling is removed? -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.If the government removed the price ceiling,by how much would total producer surplus increase for those producers entering the market after the price ceiling is removed?

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When the price ceiling is remo...

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Scenario 7-1 Suppose market demand is given by the equation Scenario 7-1 Suppose market demand is given by the equation -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,what is the change in total consumer surplus in the market? -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,what is the change in total consumer surplus in the market?

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Consumer s...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total producer surplus change,assuming the producers with the lowest cost were the ones supplying the market when the price floor was in place? -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total producer surplus change,assuming the producers with the lowest cost were the ones supplying the market when the price floor was in place?

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Total producer surplus with the price fl...

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Scenario 7-1 Suppose market demand is given by the equation Scenario 7-1 Suppose market demand is given by the equation -Refer to Scenario 7-1.If the market equilibrium price is $10,how much is total consumer surplus in this market? -Refer to Scenario 7-1.If the market equilibrium price is $10,how much is total consumer surplus in this market?

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Consumer s...

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Figure 7-33 Figure 7-33 -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total producer surplus in this market at the new equilibrium price? -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total producer surplus in this market at the new equilibrium price?

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Total producer surpl...

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