Question
Price (dollars per mile) Quantity demanded (miles) Anna Aaron Vince 3 30 25 20 4 25...
|
Price |
Quantity demanded |
||
|
Anna |
Aaron |
Vince |
|
|
3 |
30 |
25 |
20 |
|
4 |
25 |
20 |
15 |
|
5 |
20 |
15 |
10 |
|
6 |
15 |
10 |
5 |
|
7 |
10 |
5 |
0 |
|
8 |
5 |
0 |
0 |
|
9 |
0 |
0 |
0 |
Based on the table above, construct a market demand and supply schedule.
What is the maximum price that each traveler, Anna, Aaron, and Vince, is willing to pay to travel 20 miles? Why?
What is the marginal social benefit when the total distance travelled is 60 miles?
What is each traveler’s consumer surplus when the price is $4 a mile? What is the market consumer surplus when the price is $4 a mile?
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