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Eduardwww [97]
3 years ago
14

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither

.
a. I sold a used textbook for $54, even though I was willing to go as low as $48 in order to sell it.
b. Even though I was willing to pay up to $71 for a watch, I bought a watch for only $65.
c. Even though I was willing to pay up to $63 for a jersey sweater and even though the seller was willing to go as low as $54 in order to sell it, we couldn't reach a deal because the government imposed a price floor of $68 on the sale of sweaters.
Business
1 answer:
alina1380 [7]3 years ago
5 0

Answer:

producer surplus

consumer surplus

neither

Explanation:

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

Consumer surplus = willingness to pay – price of the good

The highest amount i was willing to buy the watch is $71 but the price was $65. this illustrates a consumer surplus

Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product

Producer surplus = price – least price the seller is willing to accept

The least amount the textbook seller was willing to sell was $48 while the price the textbook was sold was $54. thus, a illustrates a producer surplus.

for statement c, a transaction did not take place, so, it is neither a producer or consumer surplus

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In logrolling, two or more Congress could create an agreement that each of them will give their vote to support the bills that pushed by each of them, so they collectively gained more power in the office.</span>
8 0
3 years ago
All _____________must become part of the federal reserve system.
grin007 [14]

All  <u>national banks</u> become part of the federal reserve system.

<h3>What is federal reserve system?</h3>

Federal reserve system is a financial institution that is in charge of regulating and controlling  money in circulation so as create a stable economy that will help to prevent of financial crisis.

National banks are also known as commercial bank and this commercial banks are under  central bank supervision.

Therefore all  <u>national banks</u> become part of the federal reserve system

Learn more about Federal reserve system here:brainly.com/question/1997750

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7 0
2 years ago
An operations manager is performing a factor-rating analysis to help her choose an outsourcing provider. She is focusing on thre
andreev551 [17]

Answer:

30.8

Explanation:

The solution of factor-rating score for Ling Services is provided below:-

Factor-rating score = (Weight for Factor A × Rating for Factor A) + (Weight for Factor B × Rating for Factor B) + (Weight for Factor C × Rating for Factor C)

= (0.50 × 30) + (0.20 × 46) + (0.30 × 22)

= 15 + 9.2 + 6.6

= 30.8

So, we have calculated the factor-rating score for Ling Services by using the above formula.

8 0
3 years ago
For each error below, indicate:
patriot [66]

Answer:

1. Inventory account will be affected and assertions of accuracy and valuation will be violated.

2. Assets are overstated and assertion classification is violated.

3. Liability is understated and assertions of accuracy is violated.

4. No impact.

Explanation:

Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.

8 0
3 years ago
You and four other team members attend a seminar on conflict. The seminar costs $150 per person. You will need to drive two cars
Sveta_85 [38]

Answer: $825

Explanation:

Total seminar cost for the team;

= 150 * 5 people

= $750

Two cars need to be driven the 100-mile round trip at 37.5 cents per mile.

= 2 * 100 * 37.5

= 7,500 cents

= $75

Cost of Seminar = 750 + 75 = $825

5 0
3 years ago
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