5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Willingness to Pay and Consumer Surplus
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Use the graph for funky-fresh rhymes above. If price increases from \$3,000 to \$5,000 per funky-fresh rhyme, what is the change to consumer surplus?
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DJ Starwave is preparing to produce her next chart-topping single. She knows she is willing to pay up to \$3,000 for each lyrical line, and she needs a total of 10 lyrical lines to finish the track. After gathering several freelance lyricists, she creates the following schedule:
If DJ Starwave values all lyrical lines equally at \$3,000 each, what is her maximum consumer surplus?
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The demand curve for Nickelback's new album is downward sloping. At a price of \$2, nationwide demand is 100 albums. If the price rises to \$3, what happens to consumer surplus?
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Use the graph for Thingamabobs above. If the price were to increase to \$5000 per Thingamabob, what is the change to consumer surplus?
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