Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. suppose you recently sold your used car. assume th

Suppose you recently sold your used car. Assume that no newproduction was irrolved in this...

50.1K

Verified Solution

Question

Economics

Suppose you recently sold your used car. Assume that no newproduction was irrolved in this transaction. Wealth was createdbecause the buyer's willingness to pay was

?

the value of your willingness to sell. Suppose you sold the carfor

$22,000

. If the minimum price, or "bottom line," you would accept forthe car is

$13,000

and the most the buyer is willing to pay is

$31,000

, then the seller surplus is

?

and the buyer surplus is

?

. The total surplus created by the transaction is

?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A vehicle quality survey asked new owners a variety of questions about their recently purchased automobile....

Basic Math
Q

Question 1- Competitors’ sites Keywords The product is "Turmeric Powder" List 20 keywords that when used to search...

General Management
Q

Two metallic sphere rland r2 are touched and separated f ind the ratio of their...

Physics
Q

3 Solve for the roots by factoring a x 9x 18 0 d 0 5a...

Basic Math
Q

1 Find the domain and the range of the given function and identify and graph...

Algebra
Q

ror installment note transactions On the first day of the fiscal year, Shiller Company...

Accounting
Q

In connection with the preliminary planning for the audit of XYZ Company, the auditors have...

Accounting
Q

Last month when Holiday Creations, Inc., sold 39,000 units, total sales were $287,000, total variable...

Accounting
Q

which account listed below would be double underlined in the ledger as part of the...

Accounting
Q

Support Department Allocations The centralized computer technology department of Hardy Company has expenses of $308,000....

Accounting
Q

The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and...

Accounting
Q

In each of the following independent cases, it is assumed that the corporation has $810,000...

Accounting