(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread.ConsumerMaximum willingness to payfor Lembas breadFrodo$11.65SamMaryPippin17.9912.9916.75If the market price for bread is $12.00, what is the total consumer surplius in this market? Do not include dollar sign in your answer.11.38

Consumer surplus is the difference between what consumer is willing to pay for all the units…

(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread. Maximum willingness to pay for Lembas bread $11.65 Consumer Frodo Sam Mary Pippin 17.99 12.99 16.75 If the market price for bread is $12.00, what is the total consumer surplus in this market? Do not include dollar sign in your answer.

(Table: Lembas bread) The table shows the maximum consumer willingness to pay for Lembas bread. Maximum willingness to pay for Lembas bread $11.65 Consumer Frodo Sam Mary Pippin 17.99 12.99 16.75 If the market price for bread is $12.00, what is the total consumer surplus in this market? Do not include dollar sign in your answer.

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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