Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Lauren's willingnessto pay was $35, Leslie's willingness to pay was $25, and Lydia's willingness to pay was $30. Total consumersurplus for these three would beSelect one:O a. $90.Ob. $30.O c. $15.Od. $45. Suppose the government has imposed a price floor on the market for soybeans. Which of the following eventscould transform the price floor from one that is not binding into one that is binding?Select one:Farmers use improved, draught-resistant seeds, which lowers the cost of growing soybeans.Ob. The number of consumers buying soybeans increases.Oc. The number of farmers selling soybeans decreases.Od. Consumers' income increases, and soybeans are a normal good.a.

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Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Lauren's willingness to pay was $35, Leslie's willingness to pay was $25, and Lydia's willingness to pay was $30. Total consumer surplus for these three would be Select one: a. $90. O b. $30. O c. $15. O d. $45.

Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for $15 each. Lauren's willingness to pay was $35, Leslie's willingness to pay was $25, and Lydia's willingness to pay was $30. Total consumer surplus for these three would be Select one: a. $90. O b. $30. O c. $15. O d. $45.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...

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