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?
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Table of contents
- 1. Introduction to Macroeconomics
- 2. Introductory Economic Models
- 3. Supply and Demand
- Introduction to Supply and Demand
- The Basics of Demand
- Individual Demand and Market Demand
- Shifting Demand
- The Basics of Supply
- Individual Supply and Market Supply
- Shifting Supply
- Overview of Supply and Demand Shifts
- Supply and Demand Together: Equilibrium, Shortage, and Surplus
- Supply and Demand Together: One-sided Shifts
- Supply and Demand Together: Both Shift
- Supply and Demand: Quantitative Analysis
- 4. Elasticity
- Percentage Change and Price Elasticity of Demand
- Elasticity and the Midpoint Method
- Price Elasticity of Demand on a Graph
- Determinants of Price Elasticity of Demand
- Total Revenue Test
- Total Revenue Along a Linear Demand Curve
- Income Elasticity of Demand
- Cross-Price Elasticity of Demand
- Price Elasticity of Supply
- Price Elasticity of Supply on a Graph
- Elasticity Summary
- 5. Consumer and Producer Surplus; Price Ceilings and Price Floors
- WIllingness to Pay and Consumer Surplus
- Willingness to Sell and Producer Surplus
- Economic Surplus and Efficiency
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
- Price Ceilings, Price Floors, and Black Markets
- Quantitative Analysis of Price Ceilings and Floors: Finding Points
- Quantitative Analysis of Price Ceilings and Floors: Finding Areas
- 6. Introduction to Taxes
- 7. Externalities
- 8. The Types of Goods
- 9. International Trade
- 10. Introducing Economic Concepts
- Introducing Concepts - Business Cycle
- Introducing Concepts - Nominal GDP and Real GDP
- Introducing Concepts - Unemployment and Inflation
- Introducing Concepts - Economic Growth
- Introducing Concepts - Savings and Investment
- Introducing Concepts - Trade Deficit and Surplus
- Introducing Concepts - Monetary Policy and Fiscal Policy
- 11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)
- Calculating GDP
- Detailed Explanation of GDP Components
- Value Added Method for Measuring GDP
- Nominal GDP and Real GDP
- Shortcomings of GDP
- Calculating GDP Using the Income Approach
- Other Measures of Total Production and Total Income
- Consumer Price Index (CPI)
- Using CPI to Adjust for Inflation
- Problems with the Consumer Price Index (CPI)
- 12. Unemployment and Inflation
- Labor Force and Unemployment
- Types of Unemployment
- Labor Unions and Collective Bargaining
- Unemployment: Minimum Wage Laws and Efficiency Wages
- Nominal Interest, Real Interest, and the Fisher Equation
- Nominal Income and Real Income
- Who is Affected by Inflation?
- Demand-Pull and Cost-Push Inflation
- Costs of Inflation: Shoe-leather Costs and Menu Costs
- 13. Productivity and Economic Growth
- 14. The Financial System
- 15. Income and Consumption
- 16. Deriving the Aggregate Expenditures Model
- 17. Aggregate Demand and Aggregate Supply Analysis
- 18. The Monetary System
- 19. Monetary Policy
- 20. Fiscal Policy
- 21. Revisiting Inflation, Unemployment, and Policy
- 22. Balance of Payments
- 23. Exchange Rates
- 24. Macroeconomic Schools of Thought
- 25. Dynamic AD/AS Model
- 26. Special Topics
5. Consumer and Producer Surplus; Price Ceilings and Price Floors
WIllingness to Pay and Consumer Surplus
Back5. Consumer and Producer Surplus; Price Ceilings and Price Floors
WIllingness to Pay and Consumer Surplus
- 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?
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