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.
learn more about consumer surplus: brainly.com/question/380921
#SPJ1
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:
$10.50
Explanation:
all you have to do is 3.50 x 3
In paragraphs, a stated main idea is called the topic sentence.
The relationship between the two quantities that is the amount of money earned and number of hours worked is direct .
The correct option is B
When two values x and y can be represented in the general form y = kx, where k is the proportionality constant, then there is a proportional relationship between them.
In the equation y= kx, the amount of money a person makes is directly related to the amount of time they work.
FOR EXAMPLE -
Since a person earns $100 for 5 hours of work, we can use this information to find the value of k. Substituting 100 and 5 into the equation results in 100 = k 5. Solving for k produces k = 20. Now we can write a specific equation relating the money earned and the hours worked as y = 20x.
y= 20(18) = $360
To learn more about proportional relation click here :
brainly.com/question/1875240
#SPJ4