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
Alecsey [184]
3 years ago
6

Consider the market for socks. The current price of a pair of plain white socks is $6.00. Two consumers, Jeff and Samir, are wil

ling to pay $7.00 and $8.50, respectively, for a pair of plain white socks. Two sock manufacturers are willing to sell plain white socks for as little as $4.50 and $5.50 per pair. What is the total producer and consumer surplus (i.e., social welfare) in this market
Business
1 answer:
muminat3 years ago
3 0

Answer:

consumer surplus = $3.5

producer surplus = $2

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

Jeff's consumer surplus = $7 - $6 = $1

Samir's  consumer surplus = $8.50 - $6 = $2.50

total consumer surplus = $1 + $2.50 = $3.50

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

Manufacturer 1's producer surplus = $6 - $4.5 = $1.50

Manufacturer 2's producer surplus = $6 - $5.50 = $0.50

total producer surplus = $1.50 + 0.50 = $2

You might be interested in
Sherry is known for being very task oriented in her approach to manage subordinates. Which at the following statement is noot li
Furkat [3]

Answer:

a. She tends to work to develop trusting relationships with subordinates.

Explanation:

since in the given situation it is mentioned that sherry to be called as the very task oriented person in order to manage the subordinates so as per the given situation the first option is correct as it is not describe her behavior that she develop the relationship with the subordinates in a trust worthy way

So the option a is correct

6 0
2 years ago
Select the correct answer. Benjamin was tasked with the duty of negotiating with the labor union of the automobile plant where h
sasho [114]

Answer:

Benjamin was tasked with the duty of negotiating with the labor union of the automobile plant where he worked. The union offered input about the kind of work hours, shifts, and overtime pay the workers wanted. Benjamin worked with the company’s management to create middle ground between the two parties. This negotiation resulted in a labor agreement that would be used for the next five years. What kind of agreement did Benjamin help develop?

Benjamin has helped to develop all-inclusive bargaining

Explanation:

With the great accomplishment achieved by Benjamin with such agreement with labor union, he deserves some accolades to achieve the giant strides

7 0
3 years ago
Read 2 more answers
The managerial function of ______ involves monitoring performance, comparing it to goals, and taking corrective action when need
sleet_krkn [62]

Answer:

Controlling

Explanation:

Out of the many functions of management, controlling is an important managerial function. Controlling can be referred to as a managerial function that enables the achievement of results as it relates to set goals. This function involves the measurement of progress for the purpose of achieving organizational goals. It helps to ensure that subordinates and managers inclusive are doing what is necessary, identify errors and take corrective measures to meet up to the standard.

3 0
3 years ago
Common knowledge includes declarations such as february is the shortest month of the year. with common knowledge, we do not need
katrin2010 [14]
If the statement above asks whether it is true or false. The answer would be true. It is because when you have common knowledge, it is not needed for it to be quoted for it is already common among people and it is already a knowledge of which people knows about without searching or asking about it. Quotation marks are only used when you try to quote or say things that are from the original author, information or who or where it came from and it's not yours. With common knowledge, there is no need to use them for it is already known by a lot of people and are too obvious for it to be asked of.
7 0
3 years ago
How does creating and maintaining competitive advantages in a platform business like Uber’s differ from a vertical chain busines
omeli [17]

Answer:

Explanation:

It differs from those adopted by taxi companies because platform business most times embrace a monopoly approach because they take over the market. Platform business have strong network effect and multihoming cost and they don't have a taste for service, therefore there is the consideration of strong Internet based network which connects drivers to customers which is a competitive advantage. There is the e-payment platform. The organization does not mange drivers or seek patronage since they do not bearing homing cost. Their only aim is to create a connection between drivers and their customers.

8 0
3 years ago
Other questions:
  • On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco
    5·1 answer
  • Regardless of how well or poorly a franchise business is doing, franchisees must give the franchiser a monthly
    13·1 answer
  • Permanent accounts would not include: a. Accumulated depreciation b. Cost of goods sold. c. Current liabilities d. Inventory
    6·1 answer
  • Kacy Spade, owner, invested $10,750 cash in the company in exchange for common stock. The company purchased office supplies for
    15·1 answer
  • On December 31, 2021, L Inc. had a $3,500,000 note payable outstanding, due July 31, 2022. L borrowed the money to finance const
    11·1 answer
  • What are factors of production?1/ all the human efforts involved in the production process2/ all the resources used to produce a
    12·2 answers
  • "Sanchez Company engaged in the following transactions during Year 1:
    5·1 answer
  • Jamara has started a home party business that hosts parties and those attending paint signs. Jamara must pay $500 a year to be a
    13·1 answer
  • If your gross pay is $1500 each pay period, and you are paid semimonthly, what is your yearly gross pay?
    9·1 answer
  • A consumer protection agency that protects students who take out student
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!