015 Suppose a market has five potential buyers with their respective Willing To Pay $400, $68, $190, $76 and $395 to purchase one unit of a certain good. Assuming the market price of the good is $150, determine the total consumer surplus of this market. Your Answer: 585 I
015 Suppose a market has five potential buyers with their respective Willing To Pay $400, $68, $190, $76 and $395 to purchase one unit of a certain good. Assuming the market price of the good is $150, determine the total consumer surplus of this market. Your Answer: 585 I
Chapter3: Market Demand And Supply
Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency
Problem 1SQP
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Transcribed Image Text:015
Suppose a market has five potential buyers with their respective Willing To Pay $400, $68, $190, $76 and $395 to purchase one unit of a certain good. Assuming the market price of the good is $150, determine the total
consumer surplus of this market.
Your Answer: 585
I
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