quiz3 - Econ 1 M10 Quiz 3 Name_ Perm_ 1. I would be willing...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 1 M10 Quiz 3 Name_________________________ Perm____________________ 1. I would be willing to pay up to $2,250 for a used 42” flat panel TV. I find one on craigslist.com for $150. If I buy it, what is my consumer surplus? ___________ 2. The table on the left shows Cameron’s total benefit from different quantities of Pizza. Use this information to fill in the demand schedule. Slices of Pizza Total Benefit Price Range Quantity Demanded 1 $8.00 P > $_____ 0 2 $14.00 $____ to $____ 1 3 $18.00 $____ to $____ 2 4 $20.00 $____ to $____ 3 5 $20.00 $____ to $____ 4 $____ to $____ 5 3. What will Cameron’s consumer surplus be if Pizza costs $1.00 per slice? _______ The market for yam sauce is a competitive market. There are 200 buyers of yam sauce, and each of these buyers has the individual marginal benefit function of MB i = 6 – 2q i . There are 50 sellers of yam sauce, and each of these sellers has the individual marginal cost of MC i = 3 + q i . 4. The demand function (from all buyers combined) is Q
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/03/2010 for the course ECON 1 taught by Professor Bergstrom during the Summer '07 term at UCSB.

Page1 / 2

quiz3 - Econ 1 M10 Quiz 3 Name_ Perm_ 1. I would be willing...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online