graph shows the demand curve for blankets and the market price of a blanket. Next question 90 .... 75 aw a point that shows the value of the 40th blanket. Label it 1. aw a point that shows the willingness to pay for the 20th blanket. Label it 2. 60- raw an arrow to show the consumer surplus on the 20th blanket. Label it CS. 45- /hat is the consumer surplus on the 20th blanket? 30- he consumer surplus on the 20th blanket is $. 15-
graph shows the demand curve for blankets and the market price of a blanket. Next question 90 .... 75 aw a point that shows the value of the 40th blanket. Label it 1. aw a point that shows the willingness to pay for the 20th blanket. Label it 2. 60- raw an arrow to show the consumer surplus on the 20th blanket. Label it CS. 45- /hat is the consumer surplus on the 20th blanket? 30- he consumer surplus on the 20th blanket is $. 15-
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 4PA
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The consumer surplus is the gap between the maximum price consumer wants to pay and actual price consumer pays.
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