Saturday
November 29, 2014

Homework Help: economics

Posted by austin on Monday, August 16, 2010 at 7:07pm.

Review: Full, Anonymous: No

Week 3 Homework
Please answer the following questions:
1. The following information describes the value Lori Landlord places on having her five apartment houses repainted. She values the repainting of each apartment house at a different amount depending on how badly it needs repainting.

Value of new paint on 1st apt house $5,000
Value of new paint on 2nd apt house $4,000
Value of new paint on 3rd apt house $3,000
Value of new paint on 4th apt house $2,000
Value of new paint on 5th apt house $1,000


Plot Lori Landlordís willingness to pay. (Note donít worry about turning in the plotted graph, just do it on paper.)


If the price to repaint her apartments is $5,000 each, how many will she repaint? What is the value of her consumer surplus?
Suppose the price to repaint her apartments falls to $2,000 each. How many apartments will Lori choose to have repainted? What is the value of her consumer surplus?
What happened to Ms. Landlordís consumer surplus when the price of having her apartments repainted fell? Why?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

economics - Week 3 Homework Please answer the following questions: 1. The ...
U.S. and Global Economics: Involving MATH - PLZZZ.. Help I just don't understand...
economics - Each week, Bill, Mary and Jane select the quantity of two goods, x1 ...
statistics - The answer to which of the following questions will produce ordinal...
math - Write and solve an equation to model the situation: two friends are ...
SAT Math - Can I please get some help on these questions: 1. If , find the value...
Economics - Member since: December 21, 2006 Total points: 154 (Level 1) * Best ...
To Anonymous re Behavioural Economics in Action - I have removed your post ... ...
Psychology - The following table describes five situations in which a person ...
math - A stock that sold for $240 per share before a week began had the ...

Search
Members