QUESTION 9 Table : The only four consumers in a market have the following willingness to pay for a good: Buyer Carlos Willingness to Pay $15 Quilana Wilbur $25 $35 Ming-la $45 Refer to Table. If the market price is $35 per unit then the total consumer surplus will be O a. $50 Ob. $40 C. $0 Od. $10

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 1PA
icon
Related questions
Question
QUESTION 9
Table : The only four consumers in a market have the following willingness to pay for a good:
Buyer
Willingness to Pay
Carlos
$15
Quilana
$25
Wilbur
$35
Ming-la
$45
Refer to Table. If the market price is $35 per unit then the total consumer surplus will be
O a. $50
O b. $40
O. S0
Od. $10
Transcribed Image Text:QUESTION 9 Table : The only four consumers in a market have the following willingness to pay for a good: Buyer Willingness to Pay Carlos $15 Quilana $25 Wilbur $35 Ming-la $45 Refer to Table. If the market price is $35 per unit then the total consumer surplus will be O a. $50 O b. $40 O. S0 Od. $10
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Consumer Surplus
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning