Willingness to Pay $50 Consumer Curly Moe Larry 30 15 The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be O A. S0. OB. $14. OC. $26. OD. $53.
Willingness to Pay $50 Consumer Curly Moe Larry 30 15 The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total consumer surplus will be O A. S0. OB. $14. OC. $26. OD. $53.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:Consumer
Willingness to Pay
Curly
Moe
Larry
$50
30
15
The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $27 dollars, total
consumer surplus will be
A. $0.
B. $14.
C. $26.
O D. $53.
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Table 2
| Consumer | Willingness to Pay |
| Curly | $50 |
| Moe | 30 |
| Larry | 15 |
Refer to Table 2. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $24 dollars
Curly will buy two bottles, Moe will buy one bottle and Larry will buy no bottles.
Curly and Moe receive a total of $80 of consumer surplus from buying one bottle each. Larry will buy no bottles.
Curly will receive $26 of consumer surplus from buying one bottle.
Larry will receive $15 of consumer surplus since he will buy no bottles.
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