grape wine increases to $420 for 12 bottles. Kat's consumer surplus has by $ because of an increase in the price of grapes. (Enter your response as a whole number.) A consumer has the following demand schedule for a grape wine bottle. Each bottle's price is the same as the marginal benefit. Quantity Demanded Price (S) 1 200 2 170 150 Suppose the market price of a grape wine bottle is $160 per unit. Calculate the consumer surplus and the consumer's total benefit. Consumer surplus is $], and the consumer's total benefit is S. (Enter your responses as whole numbers.)

grape wine increases to $420 for 12 bottles. Kat's consumer surplus has by $ because of an increase in the price of grapes. (Enter your response as a whole number.) A consumer has the following demand schedule for a grape wine bottle. Each bottle's price is the same as the marginal benefit. Quantity Demanded Price (S) 1 200 2 170 150 Suppose the market price of a grape wine bottle is $160 per unit. Calculate the consumer surplus and the consumer's total benefit. Consumer surplus is $], and the consumer's total benefit is S. (Enter your responses as whole numbers.)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 2P

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