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:
The cave painting on the image is representing the animals, or rather the environment that was seen by the artists of the painting in their surroundings. We can see that there are wild horses depicted on it, but also a rhino. The wild horses were probably a prey animal, while the rhino was a respected animal and feared one, thus they were avoiding it. The artists that painted it were the Cro-Magnons, early Homo-sapiens in Europe, in what is now France. The reason why it was painted is probably because the artist wanted to depict the environment, but also maybe for teaching the youngsters about the animals from early age, so that they know which ones are to be hunted, and which ones to be avoided.
The real return is the difference between the nominal and actual rate of inflation. Therefore, the real return revived by Luigi will be 6%.
<u>Given</u><u> </u><u>the</u><u> </u><u>Parameters</u><u> </u><u>:</u>
- <em>Nominal rate = 7% </em>
- <em>Actual rate of inflation = 1%</em>
<em>Real return = Nominal rate - Actual rate of return </em>
Real Return = 7% - 1% = 6%
Therefore, the real return on Luigi's money would be 6%
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Object permanence. Meaning they think it is gone for good when it is out of their sight.