Individuals A and B each have a unit of the good, whereas individuals C, D and E do not. • A's WTP for a unit of the good is $100. • B's WTP for a unit of the good is $500. . C's WTP for a unit of the good is $200. • D's WTP for a unit of the good is $400. • E's WTP for a unit of the good is $300. Suppose there is a market for the good and the individuals can trade the good. What is the total surplus TS? O $450 O $900 O $600 $1200 $0

Individuals A and B each have a unit of the good, whereas individuals C, D and E do not. • A's WTP for a unit of the good is $100. • B's WTP for a unit of the good is $500. . C's WTP for a unit of the good is $200. • D's WTP for a unit of the good is $400. • E's WTP for a unit of the good is $300. Suppose there is a market for the good and the individuals can trade the good. What is the total surplus TS? O $450 O $900 O $600 $1200 $0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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