Monique would be willing to pay as much as $15 for an order of pasta at Gialina’s Italian restaurant. Monique is pleasantly surprised to find out that the price of the pasta is only $10. Gialina would be willing to sell that pasta for as little as $7, but is actually able to price it at $10 because that’s the market equilibrium price for pasta. Given this information, Monique’s consumer surplus is ____________ and Gialina’s producer surplus is ___________.

Monique would be willing to pay as much as $15 for an order of pasta at Gialina’s Italian restaurant. Monique is pleasantly surprised to find out that the price of the pasta is only $10. Gialina would be willing to sell that pasta for as little as $7, but is actually able to price it at $10 because that’s the market equilibrium price for pasta. Given this information, Monique’s consumer surplus is __ and Gialina’s producer surplus is _.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 15PAE

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