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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf019715-463c-43e2-83f6-e22af19edc6b%2F9009f5ba-3cd5-4d0e-8558-97fad9911091%2Fql00d5a_processed.jpeg&w=3840&q=75)
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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