ssume fiona is willing to pay $8 for a pizza cutter. tim also wants one, but is only willing to pay $6 for one. at a pizza baker's convention, fiona buys the last pizza cutter at the market price just before tim can buy it. tim contacts the convention organizers and complains about missing out on the last pizza cutter. the organizers refund fiona for the pizza cutter and allow tim to buy it at the market price. what happens as a result of the organizers refunding fiona, taking the pizza cutter from her, and letting tim buy it at the market price?

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morganashley6801 morganashley6801

10-11-2022
Business

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ssume fiona is willing to pay $8 for a pizza cutter. tim also wants one, but is only willing to pay $6 for one. at a pizza baker's convention, fiona buys the last pizza cutter at the market price just before tim can buy it. tim contacts the convention organizers and complains about missing out on the last pizza cutter. the organizers refund fiona for the pizza cutter and allow tim to buy it at the market price. what happens as a result of the organizers refunding fiona, taking the pizza cutter from her, and letting tim buy it at the market price?

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SakshTiwari353 SakshTiwari353 · Answer 1 · 2022-11-15T12:59:42+01:00

The happens as a result of the organizers refunding Fiona, taking the pizza cutter from her, and letting Tim buy it at the market price Consumer surplus decreases.

What happens when the event planners give Fiona a refund, take her pizza cutter, and allow Tim to purchase it at the going rate?

Reduced consumer surplus.

The nature of the producer surplus When is the price $30?

The region enclosed by the supply curve, the vertical axis, and the market price is known as the producer surplus. b) If the market price is 30, then Q = (P - 10) / 2 = (30 - 10)/2 = 10 represents the quantity supplied. Producer surplus equals ($100) = ($30 - 10)*10/2.

What is the term used to describe the financial discrepancy between what a consumer is willing and able to pay for an additional unit of a good and what they actually pay?

Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. The marginal benefit of each unit of consumption for a consumer is also represented by each price along a demand curve.

To Know more about surplus decreases.

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