The diagram above depicts the demand for, and market price of, buckets of raw oysters in Orlando
a. What is the consumer surplus of the person who buys the 100th bucket of oysters?
b. What is the consumer surplus of the person who buys the 200th bucket of oysters?
c. What is the consumer surplus of the person who buys the 300th bucket of oysters?
d. What is the total consumer surplus from all the oysters consumed in the market?
a. The consumer surplus of the person who buys the 100th bucket of oysters is $6.
b. The consumer surplus of the person who buys the 200th bucket of oysters is $3.
c. The consumer surplus of the person who buys the 300th bucket of oysters is $0.
d. The total consumer surplus in the market is $1,350.
You might also like to view...
The labor force is defined as people
A) who have a job or are looking for a job. B) in the working-age population who have a job. C) in the working-age population who have a full time job. D) who are 16 years of age or older.
John Rawls' theory of justice does not take into account the disincentive effects of redistributive programs
a. True b. False