Chapter 5 top hat
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Graphically, if the supply and demand curves are linear, consumer surplus is measured as the triangle:
under the demand curve and above the actual price.
A college student decides to spend the afternoon watching three movies rented from red box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two moves and $2 to rent the third movie. What was the consumer surplus received by the student when renting the 3rd movie?
$1
minimum wage laws are:
Price floor
Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42. The minimum acceptable price to the seller, Nathan, was $30. Jennifer experiences:
a consumer surplus of $9 and Nathan experiences a producer surplus of $3.