Table 3-1 BUYER MAXIMUM WILLINGNESS TO PAY Frank Dennis $50.00 $40.00 Dee $30.00 Mac $20.00 Refer to Table 3-1. If the table represents the maximum willingness to pay of four buyers and the price of the product is $42, then their total consumer surplus is O $44. O $8. O $36. O $28.

Table 3-1 BUYER MAXIMUM WILLINGNESS TO PAY Frank Dennis $50.00 $40.00 Dee $30.00 Mac $20.00 Refer to Table 3-1. If the table represents the maximum willingness to pay of four buyers and the price of the product is $42, then their total consumer surplus is O $44. O $8. O $36. O $28.

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

Table 3-1
BUYER
MAXIMUM WILLINGNESS TO PAY
Frank
$50.00
Dennis
$40.00
Dee
$30.00
Mac
$20.00
Refer to Table 3-1. If the table represents the maximum willingness to pay of four buyers and the price of the product is $42, then their total consumer surplus is
O $44.
O $8.
O $36.
O $28.

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