{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Quiz%205 - QUIZ 5 ECON 210 NAME 1 According to the text...

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

View Full Document Right Arrow Icon
QUIZ 5 – ECON 210 NAME:_________________________________ 1. According to the text, what is the difference between the total value a consumer places on a good and the price actually paid? a. Producer Surplus b. Total Surplus c. Economic Profit d. Consumer Surplus 2. Suppose the marginal value for your first cup of tea is $3, $2 for the second cup and $1 for the third cup. As you walk along, you see a sign at STARBUCKS indicating that they are selling tea for $1.50/cup. What would be your consumer surplus from buying two cups of tea at STARBUCKS? 3. When there is a surplus in the market for a good, according to the text, what happens in the market?
Image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern