Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 4, Problem 3P
To determine
(a)
Consumer Surplus
To determine
(b)
Maximum admission fee
To determine
(c)
Consumer Surplus
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There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15.
Suppose the market price is $29. What is the total consumer surplus?
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Chapter 4 Solutions
Essentials of Economics
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