-The figure above shows the demand curve for pizza.
a.What is the marginal benefit of the 20th pizza?
b.What is the maximum price the consumer is willing to pay for the 20th pizza?
c.If the price of a pizza is $6,what is the consumer surplus of the 20th pizza?
d. If the price of a pizza is $10,what is the consumer surplus on all the pizzas consumed?
e.If the price of a pizza is $6,what is the consumer surplus on all the pizzas consumed?
Definitions:
Isoquant
A curve representing all combinations of inputs that result in the production of a specific quantity of output in production theory.
Roller Skates
Shoes or boots with four wheels arranged in a rectangular pattern, allowing the wearer to glide along surfaces for recreation or sport.
Capital
Financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the physical factors of production including machinery.
Labor
The human effort, both physical and mental, used to produce goods and services.
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