First,label the following scenarios as to whether they would create a producer or consumer surplus. Then, after you have labeled each scenario, calculate the ensuing surplus.

Nicole has in her possession a hockey puck from the 2010 Winter Olympic Games and sells it on eBay. She will only sell the puck if the winning bid is greater than or equal to $500.

  1. 👍 0
  2. 👎 0
  3. 👁 171

Respond to this Question

First Name

Your Response

Similar Questions

  1. Microeconomics

    ADVANCED ANALYSIS Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag.

    asked by Mary on January 19, 2013
  2. Microeconomics

    Answer the following questions based on the graph that represents J.R.'s demand for ribs per week of ribs at Judy's rib shack. a. At the equilibrium price, how many ribs would J.R. be willing to purchase? b. How much is J.R.

    asked by keith on November 27, 2011
  3. Microeconomics

    taxes may cause deadweight losses because________. a. they transfer purchasing power from buyers to the government. b. they lower the surplus in the market. c. they increase consumer surplus at the expense of producer surplus d.

    asked by Juan on June 24, 2015
  4. microeconomics

    1. Market demand is given as QD = 250 – 0.5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of consumer surplus? a.$10 000 b.$20 000 c.$40 000 d.$80 000 2. Market demand is

    asked by sarah on February 13, 2013
  5. Microeconomics (need to see if i got these right.

    31. If an increase in the price of a good leads to an increase in total revenue, then _____. (Points: 3) the supply curve must be price inelastic the demand curve must be price inelastic I CHOSE THIS ONE the supply curve is price

    asked by Heidi on November 23, 2008
  1. microeconomics

    The cost of producing flat-screen TVs has fallen over the past decade. Let’s consider some implications of this fact. A.) Draw a supply-and-demand diagram to show the effect of fallen production costs on the price and quantity

    asked by Bill on June 9, 2013
  2. Econ MC

    Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4, a. consumer surplus would necessarily increase even if the lower price resulted in a shortage of

    asked by Shawn on February 15, 2007
  3. MATH *halp*

    Create two different real-world scenarios—one in which you would use permutations and one in which you would use combinations: Include specific details and an explanation about what makes each situation either a combination or

    asked by Kitty Kat *^* on March 29, 2018
  4. Economics

    Given the following diagrams: Q1 = 16 bags. Q2 = 11 bags. Q3 = 23 bags. The market equilibrium price is $53 per bag. The price at point a is $85 per bag. The price at point c is $5 per bag. The price at point d is $63 per bag. The

    asked by YUKA on March 2, 2016
  5. Biology for sister

    my sister need help with biology homework she need to describe ecology of amoeba, paramecium, and diatom. telling where it be found. how it meet it nutritional needs using and explaining with the right terminology like autotrphic,

    asked by Mohammad on May 14, 2012
  6. Econ MC

    I am having trouble solving this MC. Marylyn and Rebecca sell lemonade on the corner. Each glass costs them $0.05 to make. At the end of the day, they have sold 50 glasses and received a total producer surplus of $12.50. That

    asked by Econ on April 17, 2007

You can view more similar questions or ask a new question.