QUESTION 1 Refer to the table below for four buyers Buyer's name Willingness to Pay Peter $175 Hansa $180 Chris $150 Akeel $200 Darsh $190 If the market price of the product is $180 then calculate the following: 1. Who will buy the good at that price? 2. What are the individual consumer surpluses of the buyers who will buy the good? 3. What is the total consumer surplus of all the buyers together who will buy the product?

QUESTION 1 Refer to the table below for four buyers Buyer's name Willingness to Pay Peter $175 Hansa $180 Chris $150 Akeel $200 Darsh $190 If the market price of the product is $180 then calculate the following: 1. Who will buy the good at that price? 2. What are the individual consumer surpluses of the buyers who will buy the good? 3. What is the total consumer surplus of all the buyers together who will buy the product?

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 9