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Practice: Market Efficiency Advanced

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Wize University Microeconomics Textbook > Efficiency

Producer Surplus

2 Activities

Wize University Microeconomics Textbook > Efficiency

Consumer Surplus

3 Activities

What is the consumer surplus?
More Producer Surplus Questions:
Stacy is working as a personal trainer at ABC gym for $500 per month. When the gym raises it's salary to $600 per month, Stephanie also begins working as a personal trainer at ABC gym. What is the increase in monthly total producer surplus as a result of this?
Practice: Producer Surplus
The producer surplus on a unit of a good is the:
The table above represents a supply curve.
Consider the market for electric sharpeners. Producer surplus will decrease if there is
Note: More than one of the above may be true
Consider the market for electric sharpeners. Producer surplus will decrease if there is
Note: More than one of the below may be true
More Consumer Surplus Questions:
Consumer Surplus
A house in the most desirable section of town is listed for sale at a price of $345,000. Diane and her husband agree that they will pay no more than $340,000. Their bid is accepted at $339,500 and they purchase the house. They obtain a consumer surplus of
Suppose there is a downward sloping demand curve for chocolate and at a price of $5 the quantity demanded is 200 chocolates. When the price rises to $6, what will happen to consumer surplus?
Practice: Consumer Surplus
When the price of a milkshake is $8 the quantity demanded is 100 units. If the price rises to $9, the consumer surplus will:
The chart below shows the market for frog's legs.
The equilibrium point is 80 pounds at price of $15 per pound. Suppliers want to raise the price to $18 per pound which will also reduce the quantity in pounds.