Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 27 Feb 2018 My Price 6.00

height of the demand curve

5.      (Consumer Surplus) The height of the demand curve at a given quantity reflects the marginal valuation of the last unit of that good consumed. For a normal good, an in- crease in income shifts the demand curve to the right and therefore increases its height at any quantity. Does this mean that consumers get greater marginal utility from each unit of this good than they did before? Explain.

6.      (Consumer Surplus) Suppose supply of a good is perfectly elastic at a price of $5.The market demand curve for this good is linear, with zero quantity demanded at a price of

 

$25. Given that the slope of this linear demand curve is

–0.25, draw a supply and demand graph to illustrate the consumer surplus that occurs when the market is in equi- librium.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Feb 2018 07:02 PM My Price 6.00

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