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________
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Answer:
Explanation:
SAT as an empty acronym and changed the name of the test to SAT I: Reasoning Test. Finally, the Roman numeral was dropped. Now the test is known as the SAT Reasoning Test, popularly called the 'SAT'.
Using the t-distribution, as we have the standard deviation for the sample, it is found that the 95% confidence interval for the number of units students in their college are enrolled in is (11.7, 12.7).
<h3>What is a t-distribution confidence interval?</h3>
The confidence interval is:
In which:
is the sample mean.
- s is the standard deviation for the sample.
The critical value, using a t-distribution calculator, for a two-tailed <em>95% confidence interval</em>, with 49 - 1 = <em>48 df</em>, is t = 2.0106.
Hence:
The 95% confidence interval for the number of units students in their college are enrolled in is (11.7, 12.7).
More can be learned about the t-distribution at brainly.com/question/16162795
