Chapter 4 Assignment (3).pdf - ECON 103 Name Chapter 4 Assignment 1 In many parts of Canada when Wal-Mart opens a new store some smaller retailers go

Chapter 4 Assignment (3).pdf - ECON 103 Name Chapter 4...

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ECON 103 Name _________________________________ 1 Chapter 4 Assignment 1.In many parts of Canada when Wal-Mart opens a new store, some smaller retailers go out of business. One of the reasons for this development could be that: A)consumers in those areas receive a larger consumer surplus from shopping at Wal-Mart than from the smaller stores. B)consumers in those areas receive no consumer surplus from Wal-Mart. C)Wal-Mart practices unfair pricing methods that reduce consumer surplus over time. D)both a and c are true. Use the following to answer questions 2-3. Table: Consumer Surplus and Phantom Tickets Student Willingness to pay: Jessica $150 Jacquelyn $125 Brad $105 Robert $60 Gwen $25 2.(Table: Consumer Surplus and Phantom Tickets) If the price of a ticket to see Phantom of the Opera is $50, then Robert's consumer surplus is: 3.(Table: Consumer Surplus and Phantom Tickets) If the box-office price of a ticket to see Phantom of the Opera is $50, and there is no other market for tickets, then total consumer surplus for the five students is:
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  • Spring '08
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