Explanation it correctly The following table gives the demand schedule (willingness to pay) for eight consumers, each of whomwishes to buy one unit of this good.Consumer12345678Willingness to Pay$50$40$35$30$25$22$20$19a. If the market price of the good is $40,Total consumer surplus will be $b. If the market price of the good is $28,Total consumer surplus will be $consumer(s) will purchase the good.consumer(s) will purchase the good.

Consumer surplus refers to the difference between consumer’s willingness to pay and actual price of…

The following table gives the demand schedule (willingness to pay) for eight consumers, each of wishes to buy one unit of this good. Consumer Willingness to Pay 1 2 3 4 5 6 7 8 $50 $40 $35 $30 $25 $22 $20 $19 a. If the market price of the good is $40, Total consumer surplus will be $ b. If the market price of the good is $28, Total consumer surplus will be $ consumer(s) will purchase the good. consumer(s) will purchase the good.