Assume that the actual price of the tv is 20% lower than what you are willing to pay. Consumer surplus is the difference between what you are willing to pay and the actual price of the product. What is the consumer surplus in this situation?

Assume that the actual price of the tv is 20% lower than what you are willing to pay. Consumer surplus is the difference between what you are willing to pay and the actual price of the product. What is the consumer surplus in this situation?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume that the actual price of the tv is 2096 lower than what you are willing to
pay. Consumer surplus is the difference between what you are willing to pay and the
actual price of the product. What is the consumer surplus in this situation?
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