The following table shows Carl's willingness to pay for clothing.Quantity of ClothingCarl would consumeConsumer surplus = $2units.3456Willingness to Pay$35$60$80$97$112Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus?$126

The willingness to pay of a customer reflects the maximum amount the consumer would willingly offer…

The following table shows Carl's willingness to pay for clothing. Quantity of Clothing 2 Carl would consume Consumer surplus = 3 units. 4 5 6 Willingness to Pay $35 $60 $80 $97 $112 Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus? $126

The following table shows Carl's willingness to pay for clothing. Quantity of Clothing 2 Carl would consume Consumer surplus = 3 units. 4 5 6 Willingness to Pay $35 $60 $80 $97 $112 Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus? $126

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 2P

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Question

The following table shows Carl's willingness to pay for clothing.
Quantity of Clothing
Carl would consume
Consumer surplus = $
2
units.
3
4
5
6
Willingness to Pay
$35
$60
$80
$97
$112
Suppose the price of one item of clothing is $17. How much would Carl consume, and what is his consumer surplus?
$126

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