5. Consumer and Producer Surplus; Price Ceilings and Price Floors
WIllingness to Pay and Consumer Surplus
5. Consumer and Producer Surplus; Price Ceilings and Price Floors
WIllingness to Pay and Consumer Surplus
03:15
Additional 16 creators.
Learn with other creators
Showing 19 of 19 videos
Practice this topic
- Multiple Choice
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?
511views4rank - Multiple Choice
Kanye West is ready to create his next hit single. He knows that he is willing to pay up to \$3,000 for a funky fresh rhyme, and that he will need a total of ten funky fresh rhymes to create his hit single. After rounding up his best ghostwriters, he summarized the following schedule. If Kanye values all funky-fresh rhymes equally, what is his maximum consumer surplus?
518views - Multiple Choice
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?
454views6rank