When you are willing to pay $5 for a hamburger but you pay $4 for it, your consumer surplus for the hamburger is:?

1 answer:

8 0

$1. A "consumer surplus" is the difference between what a customer is WILLING to pay and what they ACTUALLY pay. You are willing to pay $5 on a hamburger, but you only spend $4. There is a difference between what you would've paid and what you did pay -- meaning, the difference between five dollars and four dollars. 5 minus 4 is 1. The consumer surplus is one dollar.

You might be interested in

Healthy foods just paid its annual dividend of $1.62 a share. the firm recently announced that all future dividends will be incr

solmaris [256]

((Current value - original value) / original value) x 100 = rate of return
(( 1.65402- 1.62) / 0.157) x 100 = Original Value
Original Value = $ 21.66

7 0

2 years ago

What is authenticity in the often-used framework of quality criteria?

Sergio [31]

What is authenticity in the often-used framework of quality criteria? This framework is made up of credibility, dependability, confirmability, transferability and authenticity. Authenticity shows how researchers family and faithfully show different reality possibilities. Authenticity will show in how participants act, feel and speak and what is depicted of them.

4 0

3 years ago

Management of Wee Ones (WO), an operator of day-care facilities, wants the company's profit to be subdivided by center. The firm

m_a_m_a [10]

Answer:

The correct answer is $23,430.

Explanation:

According to the scenario, the given data are as follows:

Total actual revenue = $1,700,000

Irvine Center actual revenue = $561,000

Advertising cost = $71,000

So we can calculate the amount of advertising that would be allocated to the Irvine center by using following formula:

Advertising Cost allocated = (Irvine Center actual revenue × Advertising cost) ÷ Total actual revenue

By putting the value, we get

= ($561,000 × $71,000) ÷ ( $1,700,000)

= $23,430.

3 0

3 years ago

The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of compu

salantis [7]

Answer:

hejjhenenshnwhajwjejehhesnwnw

7 0

2 years ago

Read 2 more answers

Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can

bixtya [17]

Answer:

Georgeland has an absolute but not a comparative advantage in producing clothing.

Explanation:

Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.

Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.

Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.

In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.

3 0

3 years ago