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.
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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________
Answer:
A. Public 4-year university.
Explanation:
Hope that's right. :)
The number of six samples that could belong to the same population is equivalent to six.
Option A is the correct answer.
<h3>What is the standard deviation?</h3>
The standard deviation is the indicator to determine the variation between the set of amounts as given in the statistical information.
The population is referred to as the entire information being prescribed in data relating to any concept. If the number of samples in a population is 10, then the samples in the same population will also be 10. This shows the number of samples is always equal to the samples in the same population.
Therefore, the six samples belong to the same population comprising of six samples having varied standard deviations.
Learn more about the standard deviation in the related link:
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