OMGOMGOMG Help me with these Econ1 problems Thank you guysSo

OMG!OMG!OMG! Help me with these Econ1 problems< Thank you guys!

Solution

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Questions in 2^nd and 3^rd image are answered below.

1.

Alice will get consumer surplus

Consumer surplus = (30-25)×1 = 5

2.

Jeff will get consumer surplus

Price of meat after discount = 25% of $16 = $4

Consumer surplus = (20-4)×1 = 16

3.

Nicole will get producer surplus

Since the minimum willigness to accept = offered bid = $500, the producer surplus = 0

4.

Claire will get producer surplus

Producer surplus = (125-100)×1 = 25

5.

Roy will not get any surplus as no purchase is made

6.

Michelle’s consumer surplus = 8.75-6.25 = 2.5

Paul’s proucer surplus = 6.25-2.25 = 4