EC2106F08PS7 - Name: _ Class: _ Date: _ ID: A Practice...

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Class: ___________________ Date: __________ ID: A 1 Practice Problem for Ch.7 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Table 7-2 BUYER WILLINGNESS TO PAY DAVID $8.50 LAURA $7.00 MEGAN $5.50 MALLORY $4.00 AUDREY $3.50 ____ 1. Refer to Table 7-2 . If the market price is $3.80, a. David’s consumer surplus is $4.70 and total consumer surplus for the five individuals is $9.50. b. Megan’s consumer surplus is $1.70 and total consumer surplus for the five individuals is $9.80. c. David, Laura, and Megan will be the only buyers of Vanilla Coke. d. the demand curve for Vanilla Coke, taking the five individuals into account, is horizontal. Figure 7-3. On the graph below, Q represents the quantity of the good and P represents the good's price. ____ 2.
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This note was uploaded on 02/08/2011 for the course ECON 2106 taught by Professor Minjaesong during the Fall '06 term at Georgia Tech.

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EC2106F08PS7 - Name: _ Class: _ Date: _ ID: A Practice...

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