All Here is the value a person A places on each pencil.Value of first pencilValue of second pencilValue of third pencilValue of fourth pencilValue of fifth pencilValue of sixth pencil$5.00$4.10$3.40$2.90$2.60$2.50a. If the price of pencil is $3, how many pencils does the person buy? How much consumer surplusdoes the person get from his/her purchases?

Consumer surplus is defined as the difference between the maximum price the consumer is willing to…

Answered: a. If the price of pencil is $3, how…

a. If the price of pencil is $3, how many pencils does the person buy? How much consumer surplus does the person get from his/her purchases?

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 12PA

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Question

All

Here is the value a person A places on each pencil.
Value of first pencil
Value of second pencil
Value of third pencil
Value of fourth pencil
Value of fifth pencil
Value of sixth pencil
$5.00
$4.10
$3.40
$2.90
$2.60
$2.50
a. If the price of pencil is $3, how many pencils does the person buy? How much consumer surplus
does the person get from his/her purchases?

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