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:
b. The number of digits in a randomly selected row until a 3 is found.
Explanation:
A random variable often used in statistics and probability, is a variable that has its possible values as numerical outcomes of a random experiment or phenomenon. It is usually denoted by a capital letter, such as X.
In statistics and probability, random variables are either continuous or discrete.
1. A continuous random variable is a variable that has its possible values as an infinite value, meaning it cannot be counted.
2. A discrete random variable is a variable that has its possible values as a finite value, meaning it can be counted.
Also, any random variable that meets certain conditions defined in a research study.
Hence, an example of a geometric random variables is the number of digits in a randomly selected row until a 3 is found.
If this is just a true or false, the answer is true. Dependent implies that they cannot function without it.
The matching of the demand as relatively elastic or relatively inelastic can be done as;
- Klaus' demand for orange juice (Relatively elastic)
- Amanda's annual demand for coffee(Relatively elastic)
- Jackson's demand for mystery novels(Relatively inelastic)
- Hermy's demand for Minute Maid orange juice(Relatively inelastic)
- Olivia's daily demand for Starbucks latte(Relatively inelastic)
- Stephen spends a very little part of his income on soda(Relatively elastic)
- Xavier's demand for his economics textbook(Relatively inelastic)
<h3>What is Elasticity of demand?</h3>
Elasticity of demand can be regarded as the variation on the concept of demand.
It should be noted that elastic demand involves change in quantity demanded as a result of change in price.
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