© Macmillan Learning The table contains the maximum willingness to pay of five college students wanting to buy a tablet on Amazon. Student Willingness to pay Anthony $500 Amanda $400 Lily $300 Francisco $200 Max $100 What is total consumer surplus for the five students? If the price increases from $300 to $500, what is the change in total consumer surplus? SA SA
© Macmillan Learning The table contains the maximum willingness to pay of five college students wanting to buy a tablet on Amazon. Student Willingness to pay Anthony $500 Amanda $400 Lily $300 Francisco $200 Max $100 What is total consumer surplus for the five students? If the price increases from $300 to $500, what is the change in total consumer surplus? SA SA
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:© Macmillan Learning
The table contains the maximum willingness to pay of five college students wanting to buy a tablet on Amazon.
Student
Willingness to pay
Anthony
$500
Amanda
$400
Lily
$300
Francisco
$200
Max
$100
What is total consumer surplus for the five students?
If the price increases from $300 to $500, what is the change
in total consumer surplus?
SA
SA
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