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lbelcher lbelcher
wrote...
Posts: 344
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. If Julie charges $10 per hour, how many hours of pet sitting services will be purchased and by whom?



2 hours (1 hour by Cara and 1 hour by Dawn)



1 hour by Dawn only



3 hours (1 hour each by Arun, Bernice, and Cara)



1 hour by Cara only

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Answer verified by a subject expert
krobdancekrobdance
wrote...
Posts: 300
6 days ago
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2 hours (1 hour by Cara and 1 hour by Dawn)

1
wrote...
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. If Julie charges $10 per hour, what is the value of the consumer surplus received by Dawn?



$2



$10



$12



$22

wrote...
6 days ago

$2

wrote...
6 days ago
Smart ... Thanks!
wrote...
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. How many hours will be purchased and what is her total revenue?



5 hours; total revenue = $35



4 hours; total revenue = $28



3 hours; total revenue = $21



2 hours; total revenue = $14

wrote...
6 days ago

4 hours; total revenue = $28

wrote...
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7 per hour. What is her marginal revenue?



It is constant at $7.



It is $7 for the first hour and starts declining thereafter.



It coincides with the figures in the table; $12 for the first hour, $10 for the second, $9 for the third, and $8 for the fourth.



It is $7 for the first hour and starts increasing thereafter.

wrote...
6 days ago

It is constant at $7.

wrote...
6 days ago
This helped my grade so much
wrote...
6 days ago
Perfect
wrote...
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. What is the value of the consumer surplus enjoyed by her customers?



$39



$28



$11



$0

¯\_(ツ)_/¯
wrote...
6 days ago

$11

wrote...
6 days ago

Table 16-3

Potential CustomerWillingness to Pay (dollars per hour)
Arun$8
Bernice  9
Cara10
Dawn12

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.



Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges each customer according to his or her willingness to pay instead of a uniform price of $7. Which of the following statements is true?



Julie's customers are better off because their consumer surplus has increased.



Julie has converted the consumer surplus (from a uniform price) into economic profit.



Julie's has converted the producer surplus (from a uniform price) into consumer surplus.



Julie is worse off because the demand for her services is reduced.

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