Business, 01.02.2021 20:40 RaquelLWhite

In the year 2016, in Anytown, Texas, suppose that one person is willing to pay $1,000 for relief from hay fever; another two are willing to pay $350; about five more are willing to pay $50; one is willing to pay $40; one is willing to pay $35, one each is willing to pay $34, $32, $30, and $28; about a dozen are willing to pay $10; four are willing to pay $5; and half of the rest of the town ( another 75 people) are willing to pay $1. Required:
a. Draw the demand curve for hay fever relief in Anytown.
b. What is the potential total benefit (total of incremental value) from relief of hay fever if it is provided to everyone who asks? To everyone willing to pay $35 or more?
c. If the price of hay fever medication is $20, what is the quantity demanded? What is the consumer surplus (total net value or benefit) for those who are willing and able to pay for the hey fever medication?

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In the year 2016, in Anytown, Texas, suppose that one person is willing to pay $1,000 for relief fro...

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