Answer to Question #331396 in Microeconomics for Jack

Question

1． The demand curve is p=10-q. Calculate the consumer surplus and the total expenditure if the market price is 6. Calculate the consumer surplus again if the market price is 4.

2. Consider a consumer who has $100. The price for food is $1 /unit. The price for clothing is $2 /unit. Draw the budget line for this consumer. And draw a new budget line when the consumer’s wealth increased to $200 and the price of clothing increased to $4 /unit.

3． Draw the figure of the market equilibrium for the wheat market. Show what will happen if pesticide cost increases.

Answer 1

It's been a while since this question is posted here. Still, the answer hasn't been got. Consider converting this question to a fully qualified assignment, and we will try to assist. Please click the link below to proceed: Submit order