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blagie [28]
2 years ago
7

For each of the three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the

day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.
SAT
1 answer:
maxonik [38]2 years ago
4 0

Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.

Refer to Table 7-5. If the market price of an orange is $0.65, then consumer surplus amounts to <u>$3.60</u>

<h3>What is consumer surplus?</h3>

Consumers' surplus is a measure of consumer welfare and is defined as the excess of social valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price. Since there is willingness to pay.

Therefore, the correct answer is as given above.

learn more about consumer surplus: brainly.com/question/380921

#SPJ1

The complete question goes thus:

For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day.

Refer to Table 7-5. If the market price of an orange is $0.65, then consumer surplus amounts to________

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1 year ago
If 384 ft of fencing is available and the maximum area is desired, what will be the dimensions of the larger, outer rectangle? (
DIA [1.3K]

The dimensions of the smaller holding pens from the parameters given are; 96 ft and 31 ft

<h3>What dimensions will maximize the area?</h3>

From the complete question, if the side lengths of the big rectangle are x and y, then the expression for the area A is:

A = x*y

Then perimeter since we have 384 ft of fencing available is;

2x + 2y = 384  

y = (384 - 2x)/2

y = 192 - x

Put 192 - x for y in area formula;

A = x(192 - x)

A = 192x - x²

Completing the square of this are equation gives;

A = 9216 - (x - 96)²

This means that A is maximum at x - 96 = 0

Thus, A is maximum when x = 96 ft

At A_max; y = 192 - 96 = 96 ft

Since the area of the bigger rectangle has been maximized, it means that we have also maximized the area of the smaller pens. Therefore its' dimensions will be;

x_small = 96 ft/3 = 31 ft

y_small = 96 ft

Read more about maximizing area at; brainly.com/question/9819619

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2 years ago
James bennett also allocates wealth between youth and old age. He has no cash currently (in his youth), but will inherit $3000 i
Anvisha [2.4K]

The present value (PV) of $15,254.24 is the most James bennett can consume in his youth.

<u>Given the following data:</u>

  • Inheritance = $3000
  • Interest rate = 18%
  • Investment opportunity (youth) = $12,000
  • Investment opportunity (old age) = $15,000

To calculate the most James bennett can consume in his youth:

First of all, we would determine the future value of James bennett from his investment and inheritance as follows:

FV = 15000 + 3000

FV = $18000

Mathematically, the most James bennett can consume in his youth is given by this formula:

PV = \frac{FV}{(1+i)^n}

Substituting the given parameters into the formula, we have;

PV = \frac{18000}{(1+0.18)^1}\\\\PV = \frac{18000}{1.18}

PV = $15,254.24

Therefore, the present value (PV) of $15,254.24 is the most James bennett can consume in his youth.

Read more on present value here: brainly.com/question/24341207

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