None 1501:22:11Refer to the table below.(1) PersonBashirBarbBillBeejaBrentBlessing(2) Maximum PriceWilling to Pay (=MB)$ 21161412108(3) Actual Price(Equilibrium Price)$ 141414141414eBookIf the six people listed in the table are the only consumers in the market, and the equilibrium price is $14, how much consumer surpluswill the market generate?Instructions: Enter your answer as a whole number.Total consumer surplus = $

Consumer surplus is the difference between what consumers are willing to pay for a good or service…

Answered: 15 01:22:11 Refer to the table below.…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter11: The Case For Free Markets: The Price System

Section: Chapter Questions

Problem 2TY

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