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quiz3

# quiz3 - Econ 1 M10 Quiz 3 Name Perm 1 I would be willing to...

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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

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quiz3 - Econ 1 M10 Quiz 3 Name Perm 1 I would be willing to...

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