Econ2201 - Is This Right?

[Kobe]

I think I did this right, but im not 100% sure CLICK THE PICTURE

http://img218.imageshack.us/img218/8571/econquestionug0.jpg

would 2,000 be the answer for 3 and 4

and 0 for 5?

Thanks

[toyboy88]

1) 13000
2) 3
3) and 4) is actually 3000 I think....Because the person who is willing to spend 15K saves 2K, and the person who is willing to pay 14K saves 1K, therefore 2+1=3K? Same with the producers surplus.

[Bimmer88]

Originally posted by toyboy88
1) 13000
2) 3
3) and 4) is actually 3000 I think....Because the person who is willing to spend 15K saves 2K, and the person who is willing to pay 14K saves 1K, therefore 2+1=3K? Same with the producers surplus.

I have to agree with toyboy88...

It only makes sense to me that 3 and 4 are 3000 but you might want to check on it. I logic through it but I'm on chapters 6,7,8 and not 1 - 5.... From the looks of this it looks like 1 -5.

Thanks,
Steve

[Kobe]

Actually chapter 7.. I dunno why it was put into our assignment

Thanks