1. Business
  2. Economics
  3. 1a71 1 s willin 130 uppose that michele is realy...

Question: 1a71 1 s willin 130 uppose that michele is realy...

Question details

1.A.7.1 1. S willin 1/30 uppose that Michele is realy hungry Her wilingness to pay for one slice of purraHe ST. enssto pay for a second slice of pizza is $5. Her willingness to pay for a thrd sluce of piza is Ffer wallingness to pay for a fourth slice of pizza is $0.50. Why do you think that her willingness to pay decrease with each additional slice of pizza? 2. The pizzeria that Michele likes sells pizza by the sbce. Each slice is $2. Will she bay the fint shice W so, what is her consumer surplus for the first slice? Will she buy the second sbce? IE so, what is her consumer surplus for the second slice? Will she buy the third slice? If so, what is her consamer surpla for the third slice? Will she buy the fourth slice? If so, what is her consumer surphis for the fosurth slice? 3. Draw a generic supply and demand diagram (do NOT try to use the information from #1 and 2 Label each axis, the demand curve, the supply curve, the equilibrium price, and the eqaiäbrium quantity.Label the consumer surplus, producer surplus, and total surplas

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution