The following table shows Margaret's and Dennis's willingness to pay for cookies. Quantity of Cookies 1 2 3 4 5 Margaret Margaret will buy 3 cookies and her surplus is 4.5 Dennis will buy 4 cookies and his surplus is $7 $13 $18 $21 $23 Suppose that the price of cookies is $4.50. How many cookies will Margaret and Dennis buy? Calculate their consumer surplus Dennis $15 $25 $34 $42 $45

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Margaret will buy 3 cookies and her surplus is 4.5.

Dennis will buy 4 cookies and his surplus is what? I put dennis surplus to be 24 and it was incorrect. What is Dennis surplus?

The following table shows Margaret's and Dennis's willingness to pay for cookies.
Quantity of Cookies
1
2
3
4
5
Margaret
Margaret will buy 3 cookies and her surplus is 4.5
Dennis will buy 4 cookies and his surplus is
$7
$13
$18
$21
$23
Suppose that the price of cookies is $4.50. How many cookies will Margaret and Dennis buy? Calculate their consumer surplus
Dennis
$15
$25
$34
$42
$45
Transcribed Image Text:The following table shows Margaret's and Dennis's willingness to pay for cookies. Quantity of Cookies 1 2 3 4 5 Margaret Margaret will buy 3 cookies and her surplus is 4.5 Dennis will buy 4 cookies and his surplus is $7 $13 $18 $21 $23 Suppose that the price of cookies is $4.50. How many cookies will Margaret and Dennis buy? Calculate their consumer surplus Dennis $15 $25 $34 $42 $45
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