Principles of Microeconomics 7

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John is looking for an Economic book, because he is not very happy with his accumulated grade in this course. As he has a limited budget, he is willing to pay no more than $ 50.

a. He goes to the local Library and looked at the place where some books were sold. He found an economic book for "dummies" at $ 20. Which would be his consumer surplus in the case he buys it?

b. As he considered the book at the Library too basic, he explored used books at Internet and found a popular online bookstore that was selling a good textbook at $ 80.

 

What do you think he did?

 

 Answer in 120 words and provide at least one reference 

 

 

NOTE. Before answering watch videos.

 

VIDEOS

Consumer Surplus

Kahn. Consumer Surplus Introduction.  http://youtu.be/_6kwhF6hoqQ

Total Consumer Surplus as area: http://youtu.be/RBUBIRtn0xQ

Producer Surplus

Kahn Producer Surplus. http://youtu.be/-V-Y5klejSg

Deadweight Loss

How to calculate deadweight loss. https://youtu.be/kF1c8ujpTYY

 

Kahn. Rent Control & Deadweight Loss. http://youtu.be/ZrNKHCCVfB8

Kahn. Taxation & Deadweight Loss. http://youtu.be/NuLlNAdrom4

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