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Melissa buys an iPod for 100 and gets consumer surplus of 80 what is her willingness to pay?
As she has bought the item her willingness to pay is 100%
Melissa buys an iPod for 120 and gets a Consumer Surplus of 80 If she had bought the iPod on sale for 90 what would her consumer surplus have been?
Consumer surplus is the difference between what a buyer is willing to pay and what they actually pay. Since Melissa originally bought the iPod for 120 and had a consumer surplus of 80, it means she was willing to pay 200. If she bought the iPod on sale for 90, her consumer surplus would be 200 - 90 = 110. Therefore, her consumer surplus would have been 110 if she had bought the iPod on sale.
What are some consumer surplus example problems that demonstrate the concept's application in real-world scenarios?
Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. One example problem could be a scenario where a consumer is willing to pay 50 for a concert ticket, but they only have to pay 30. Another example could be a sale at a store where a consumer buys a shirt for 20 that they would have been willing to pay 40 for. These examples show how consumer surplus can be applied in real-world situations to measure the benefit consumers receive from paying less than their maximum willingness to pay.
What is the consumer for the economic system?
Both buys goods for consumption and uses goods and services.
What is the term for when a country sells more than it buys?
The term for when a country sells more than it buys is called a trade surplus. This occurs when the value of a country's exports exceeds the value of its imports, resulting in a positive balance of trade. A trade surplus can indicate a strong economy and competitiveness in global markets.
Melissa buys an iPod for 100 and gets consumer surplus of 80 what is her willingness to pay?
As she has bought the item her willingness to pay is 100%
Melissa buys an iPod for 120 and gets a Consumer Surplus of 80 If she had bought the iPod on sale for 90 what would her consumer surplus have been?
Consumer surplus is the difference between what a buyer is willing to pay and what they actually pay. Since Melissa originally bought the iPod for 120 and had a consumer surplus of 80, it means she was willing to pay 200. If she bought the iPod on sale for 90, her consumer surplus would be 200 - 90 = 110. Therefore, her consumer surplus would have been 110 if she had bought the iPod on sale.
What are some consumer surplus example problems that demonstrate the concept's application in real-world scenarios?
Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. One example problem could be a scenario where a consumer is willing to pay 50 for a concert ticket, but they only have to pay 30. Another example could be a sale at a store where a consumer buys a shirt for 20 that they would have been willing to pay 40 for. These examples show how consumer surplus can be applied in real-world situations to measure the benefit consumers receive from paying less than their maximum willingness to pay.
What is consumer buying?
a consumer buys what ever they want
Who is a person who buys things?
a oerson that buys goods are called a consumer
Define a consumer?
Someone that buys a product or object is what a consumer is.
What do you call people that buys things?
shopaholics!
What is a consumer its a thing?
A consumer normally means a person who buys things
What is it called when a person Buys a product and aware of outstanding quality?
When a person buys a product and is aware of its outstanding quality, it is often referred to as making a "premium purchase" or "informed buying." This indicates that the consumer has done their research and recognizes the value and superiority of the product, often leading to a willingness to pay a higher price for it. This behavior reflects a level of knowledge and appreciation for quality in consumer decision-making.
When prices are the consumer buys?
raised-less
When a person buys a product what does he or she become?
A consumer.
What is a person who buys and sells retail?
Consumer
