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Vaselesa [24]
2 years ago
12

Consumer surplus is: the difference between the price of a product and consumers' valuation of the last unit of the product purc

hased. the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers.
Business
1 answer:
Ipatiy [6.2K]2 years ago
8 0

Answer:

the difference between the price of a product and what consumers were willing to pay for the product.

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.

For example, the highest amount I am willing to pay for a book is $20. The price of the book is $10. My consumer surplus is $20 - $10 = $10

Producer surplus is the difference between the least amount the seller is willing to sell his product and the price of the product.

I hope my answer helps you

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Assume that Amazon sells the MacBook Pro, a computer produced by Apple, for a retail price of $1,500. Amazon arranges its operat
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Answer: $150

Explanation:

Based on the information given in the question, the journal entry provided will be:

Debit Customer $1500

Credit Account Payable (Apple) $1350

Credit Commission income/Revenue $150

Therefore, the revenue that Amazon will recognize for the sale of one MacBook Pro is $150.

7 0
3 years ago
What does a person need if he or she is not able to pay for a planned purchase in full with a check or cash? A. a credit card B.
Gennadij [26K]

Answer:

C. a long-term loan from a bank

Explanation:

A loan or credit facility is suitable when a person is unable to pay in cash or by check. Lenders such as banks and credit unions offer credit facilities to their customers. These institutions charge  interest on loans advanced.

When planning for a capital intensive purchase, a long term bank loan is suitable. Banks can extend credit facilities for huge amounts of money. The monthly repayments and interest rates for a long-term loan are usually low, making it affordable to many borrowers.

8 0
2 years ago
The data show the percentage of households that composted kitchen waste and those that composted yard waste in 26 regions of a c
liq [111]

Answer:

that's alot of numbers but

7 0
2 years ago
Jose goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. He does not go back for a four
kkurt [141]

Answer:

The marginal utility of the fourth plate is zero or below zero

Explanation:

The reason is that the law of diminishing marginal utility says that the marginal utility of a product declines upon continuous consumption of that item. This means that the utility before the consumption of first buffet was high and when the second buffet was consumed by the same person the utility was further reduced and so on. This means that the utility must be positive which if is higher enough then the customer is will to pay and eat the buffet again. If it is zero or below zero the customer is not willing to pay for the buffet. This is the reason the person doesn't ordered the item again.

You can not eat the same buffet for all the 365 days. This means the taste of a tasty food fades away after some time or I would say that the utility is gone. Same is the case when you will keep using cellphone for a period and then sell it or dispose it because the item doesn't entertains you or in other words the utility has significantly fallen and is almost zero or below zero.

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3 years ago
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They are examples of non sworn personnel

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3 years ago
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