Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.

Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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