1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anastaziya [24]
3 years ago
7

There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. one cu

stomer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. an unlimited number of concert tickets are on sale for $15 each. what is the total consumer surplus in this market
Business
1 answer:
babymother [125]3 years ago
6 0
<span>100 customers each valuing a ticket for a consecutive dollar amount between $1 and $100 would lead to a total available customer value of $5050. If there are 100 tickets available at $15, the market value of the tickets is $1500. People valuing the tickets at less than $15 will reduce the surplus by $62.50, and people valuing the tickets at more than $15 will increase the surplus by $3675. Therefore the total consumer surplus in this market is $3,612.50.</span>
You might be interested in
Shen manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday,
IRINA_888 [86]

Answer:

The correct answer is option b.

Explanation:

Shen is working in a country where the inflation rate is high.  

He gets a salary every two weeks.  

After receiving his salary he immediately goes out and buys all the goods he is going to need over the next two weeks.  

He converts the remaining salary in a more stable currency.  

He does this in order to prevent his salary from losing purchasing power.  

This effort that he is making to prevent his real income from losing value is called the shoe-leather cost of inflation.  

The shoe-leather cost can be defined as the cost of time and effort made to prevent the cash holdings from losing their value.

3 0
3 years ago
Suppose Pete was looking for a job for so long that he decided to give up looking for a job altogether. Pete has decided to reti
fredd [130]

Answer: Marginally - attached worker

Explanation: While calculating the underemployment rate the government usually includes three groups these are : unemployed workers who are actively looking for work; involuntarily part-time workers and marginally attached workers who want and are available to work , but have given up actively looking.

Therefore Pete would lie under the category of<u><em> marginally attached worker  who want and are available to work , but have given up actively looking.</em></u>

<u><em /></u>

7 0
3 years ago
"Between 2000 and 2008, the price of oil increased from $30 per barrel to $140 per barrel, and the price of gasoline in the Unit
KiRa [710]

Answer:

C) There was no price control on gasoline at the time.

Explanation:

During the 1970s the US government established a price ceiling on gasoline, but as all price ceilings set below the equilibrium price, it results in both a deadweight loss and a supply shortage.

Since the price is "too cheap", then the quantity demanded will be more than the quantity supplied. Rising costs in gasoline production made things worst, since suppliers were constantly reducing their supply of gasoline, while consumer demand was constantly increasing.

3 0
3 years ago
In the BIG BUCKS LOTTERY, the chance of winning a $10 prize is 1%. What is your best guess about how many people would win a $10
3241004551 [841]

Answer:

The correct answer would be, 10 Persons.

Explanation:

If there are 1000 people in the Big Bucks lottery and there is a 1 percent chance of winning 10 dollars prize if all 1000 people buy the lottery ticket of 10 dollars. If every person buys 10 dollar lottery ticket, then the chances of winning people would be calculated as follows:

Total number of People = 1000

Chances of winning the lottery = 1%

So How many people would win 10 dollar lottery = 1000 * 1%

= 1000 * 0.01

= 10 People.

So there are chances that 10 out of 1000 people will win the lottery.

5 0
3 years ago
Read 2 more answers
On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker
Sav [38]

Answer: $680,000

Explanation:

From the question, we are informed that Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets on January 1, 2020 and that the balance in Cracker's Equity Investment account was $820,000 at December 31, 2020.

We are further told that Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.

The amount paid by Cracker Co. for its 40% interest in Dallas Corp goes thus:

It should be noted that the balance in Cracker's Equity Investment account as at December 31st 2020 is the addition of the acquisition price and the share in net income after which the dividend share is deducted from the value of the addition gotten. This can be written as:

Acquisition price + (500000 × 40%) -(150000 × 40%) = $820,000

Acquisition price + (500000 × 0.4) -(150000 × 0.4) = $820,000

Acquisition price + $200,000 - $60,000 = $820,000

Acquisition price = $820,000 + $60,000 - $200,000

Acquisition price = $680,000

Cracker Co. paid $680,000 for its 40% interest in Dallas Corp.

4 0
3 years ago
Other questions:
  • A pretzel-stand owner in Chicago hires workers to make hot pretzels and sell them to customers. If the firm is competitive in bo
    13·1 answer
  • A change in depreciation method is accounted for:Select one:a. Retrospectively.b. Prospectively, like changes in accounting esti
    8·1 answer
  • Increasing your 401k deduction will ________ your take-home pay and __________ your federal taxes in the current year.
    6·1 answer
  • Last year, Reggie, a Los Angeles, California resident, began selling autographed footballs through Trojan Victory (TV), Incorpor
    6·1 answer
  • if the federal reserve sells a treasury bond bank what will be the effect on the invest rate the bank charges its customer loan
    10·1 answer
  • Being friendly and communicating enthusiastically with coworkers is an example of
    11·2 answers
  • If you invest $5,000 in a simple interest account at 1.8 percent for 5 years, what is the amount in the account at the end of 5
    8·2 answers
  • The shape of Germany's production possibilities frontier (PPF) should reflect the fact that as Germany produces more trucks and
    9·1 answer
  • Match the term with its definition Question 2 options: a method of advertising or selling that uses false claims to lure people
    14·1 answer
  • Which are options for filtering specific categories in a record? Check all that apply.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!