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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Ghulam Abass posted an Question
September 17, 2021 • 21:06 pm
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15 points
15 points
- UGC NET
- Economics
Andre walks julia’s dog once a day for $50 per week. julia values this service at $60 per week, while the opportunity cost of andre’s time is $30 per week. the
Andre walks julia’s dog once a day for $50 per week. julia values this service at $60 per week, while the opportunity cost of andre’s time is $30 per week. the government places a tax of $35 per week on dog walkers. before the tax, what is the total surplus?
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Rucha rajesh shingvekar
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Answer: $25 Explanation: Consumer surplus is defined as the difference between the price of a good or service and what a consumer is willing to pay for that good or service. Julia's surplus = $60 - $50 = $10 Supplier surplus is defined as the difference between the price of a good or service and the price at which the supplier would be willing to sell his goods or services. Andre's surplus = $50 - $35 = $15 total surplus = Julia's and Andre's surplus = $10 + $15 = $25
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Ghulam abass
thanks