The diagram above depicts the market 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 consumer surplus 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 consumer surplus in the market is $1,350.
You might also like to view...
You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is
A) the wages you would have earned from working. B) the lower grade earned by not studying. C) the wages you would have earned from working and the lower grade earned by not studying. D) the value of the tri
Who, among the following, is least likely to price discriminate?
A) The local tavern B) The local diner C) The local potato farmer D) The telephone company