ECON 2030 Lecture : ECON LAB Week 7
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Econ lab questions week 7 (ch. 8/ch. 12) 2/27/13: suppose dawn, a rational artist, recently sold her painting, pilgrimage, for . Suppose further that her reservation price for selling the painting was . : sh, , , , , suppose rational decision maker gena was considering purchasing a ticket to see bruce. Suppose further that the price of a springsteen ticket was and. Gena"s reservation price for the ticket was . Instead of buying the springsteen ticket, however, gena chose to go to a free beth patterson concert. Everything else held constant, consumer surplus in the market for celery will. Everything else held constant, producer surplus in the market for celery will. Increase: decrease, remain unchanged, be ambiguous, suppose celery is a normal good. Suppose further that incomes in the country are decreasing. Everything else held constant, economic surplus in the market for celery will. Suppose further that an excise tax of . 00 per unit is placed on the good.
