Jane Is Willing To Pay 30 For Her First Pair Of Shoes 20 For Her Second Pair Of Shoes And 10 For Her Third Pair Of 1 (198.09 KiB) Viewed 29 times
Jane Is Willing To Pay 30 For Her First Pair Of Shoes 20 For Her Second Pair Of Shoes And 10 For Her Third Pair Of 2 (1.63 MiB) Viewed 29 times
Jane is willing to pay $30 for her first pair of shoes, $20 for her second pair of shoes, and $10 for her third pair of shoes Jill is willing to pay $40 for her first pair of shoes, $30 for her second pair of shoes, $20 for her third pair of shoes, and $10 for her fourth pair of shoes. Draw the individual demand curves for Jill and Jane. b. If Jane and Jill are the only buyers of shoes in the market, draw the market demand curve for shoes. I c. If the price of shoes is $20 per pair, how many pairs of shoes will Jane and Jill buy? What is the total consumer surplus that Jane and Jill will obtain when the price of shoes is $20 per pair? (Show the consumer surplus graphically and do the calculations mathematically.) (3 pts)
Jane is willing to pay $30 for her first pair of shoes, $20 for her second pair of shoes, and $10 for her third pair of shoes. Jill is willing to pay $40 for her first pair of shoes, $30 for her second pair of shoes, $20 for her third pair of shoes, and $10 for her fourth pair of shoes Draw the individual demand curves for Jill and Jane. I b. If Jane and Jill are the only buyers of shoes in the market, draw the market demand curve for shoes. c. If the price of shoes is $20 per pair, how many pairs of shoes will Jane and Jill buy? What is the total consumer surplus that Jane and Jill will obtain when the price of shoes is $20 per pair? (Show the consumer surplus graphically and do the calculations mathematically.) (3 pts)
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