-In Figure 5-1 from the text, if the price of pizzas is $8:
a.how many pizzas will the consumer purchase?
B.what is the payment for the optimal number of pizzas?
C. how much consumer's surplus will the consumer receive?
Definitions:
Decimal Place
The position of a number to the right of the decimal point, indicating its fractional part, used to measure precision.
Aloud
To say something in a voice that can be clearly heard; not silently or in a whisper.
Exponent
A mathematical notation indicating the number of times a number is multiplied by itself.
Square
A geometric figure with four equal sides and four right angles, or the mathematical operation of multiplying a number by itself.
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