Table 7-5 -Refer to Table 7-5

question 144

Short Answer

Table 7-5
$\begin{array}{|c|c|c|}\hline \text { Price of pizza }&\text { Quantity of pizza demanded }\\\hline & \text { Fred } & \text { Frieda } \\\hline>\$ 15 & 0 & 0 \\\hline \$ 14-14.99 & 1 & 0 \\\hline \$ 13-13.99 & 4 & 1 \\\hline \$ 12-12.99 & 7 & 3 \\\hline \$ 11-11.99 & 10 & 5 \\\hline \$ 10-10.99 & 13 & 7 \\\hline \$ 9-9.99 & 14 & 9 \\\hline\end{array}$
-Refer to Table 7-5.Given the information about Fred and Frieda's willingness to pay for pizza, calculate the consumer surplus for Fred and for Frieda if the price of pizza is:
a.$16
b.$15
c.$13.50
d.$12
e.$5

---

Definitions:

Product Costs

All costs involved in acquiring or producing products, including direct materials, direct labor, and manufacturing overhead.

Period Costs

Costs that are expensed in the period in which they are incurred, not directly associated with production, such as selling and administrative expenses.

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Income Statement

A financial statement that shows a company's revenue, expenses, and profit over a particular period, providing insight into its financial performance.