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quiz1 - Econ 1 M10 Quiz 1 Name Perm 1 It costs Diane $2 to...

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Econ 1 M10 Quiz 1 Name_________________________ Perm____________________ 1. It costs Diane $2 to make a basket, but she can sell them for $8 each. If she makes 20 baskets, what is her producer surplus? ___________________ 2. George is an artist who sells his paintings every week at the Santa Barbara craft fair. He is trying to decide how many days per week he should work. Below is a chart that shows George’s total benefits and total costs for each day he works. Total Benefit measures the total amount he can sell his paintings for, while his Total Cost measures the opportunity cost of working, taking into consideration his explicit costs (e.g. painting supplies) as well as his displeasure from working. Fill in the missing cells in this table: Days per week Total Benefit ($ earned) Marginal Benefit Total Cost ($) Marginal Cost 1 $300 $50 2 $550 $125 3 $750 $225 4 $900 $350 5 $1000 $500 6 $1050 $675 7 $1050 $875 3. How many days per week should George work?_____________________ 4. The table on the left shows Jamil’s total benefit from different quantities of Pizza. Use this information to fill in the demand schedule.
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