N4 Table 4-2ConsumerVioletWalterXavierYolandaZacharyWillingness to Pay$4840302414Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for aconcert ticket. If the price of one of the tickets is $36O Violet and Walter will each buy two tickets.Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.Walter will receive $4 of consumer surplus from buying one ticket.Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else willbuy a ticket.

Willingness to pay price is the highest price a consumer can pay for the goods. it is the maximum…

Consumer Violet Walter Xavier Yolanda Zachary Willingness to Pay $48 40 30 24 14 Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36 O Violet and Walter will each buy two tickets. O Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets. Walter will receive $4 of consumer surplus from buying one ticket. Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.

Consumer Violet Walter Xavier Yolanda Zachary Willingness to Pay $48 40 30 24 14 Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36 O Violet and Walter will each buy two tickets. O Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets. Walter will receive $4 of consumer surplus from buying one ticket. Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1CQQ

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