Answered: John buys a T-shirt for $100 and his…

John buys a T-shirt for $100 and his consumer surplus is $0. What is John’s maximum willingness to pay for the T-shirt? Show the steps of your calculation.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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John buys a T-shirt for $100 and his consumer surplus is $0. What is John’s maximum willingness to pay for the T-shirt? Show the steps of your calculation.

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