On the Dollar value of the X axis starts at 0 at corner of the graph and goes up 1, 2, 3 and the highest being 4 and quantity Y axis is starts at 0 goes up 5, 10, 15 and 20. What is consumer surplus when the price is $1.00? A. $22.5 B. $15 C. $30 D. $21.5

On the Dollar value of the X axis starts at 0 at corner of the graph and goes up 1, 2, 3 and the highest being 4 and quantity Y axis is starts at 0 goes up 5, 10, 15 and 20. What is consumer surplus when the price is $1.00? A. $22.5 B. $15 C. $30 D. $21.5

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 2CQQ

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On the Dollar value of the X axis starts at 0 at corner of the graph and goes up 1, 2, 3 and the highest being 4 and quantity Y axis is starts at 0 goes up 5, 10, 15 and 20.

What is consumer surplus when the price is $1.00?

A. $22.5

B. $15

C. $30

D. $21.5

Consumer’s gain from trade. The consumer surplus is the area below the demand curve but above the equilibrium price and up to the equilibrium quantity. Consumer surplus is represented by area A.

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