The following table shows the willingness to pay for a good for the only four consumers in a market. Consumer Willingness to Pay $25 $40 $15 D $30 a. If the price of the good is $30, how many units will be demanded? b. If the price of the good is $30, how much is the total consumer slurplus? A B IC
The following table shows the willingness to pay for a good for the only four consumers in a market. Consumer Willingness to Pay $25 $40 $15 D $30 a. If the price of the good is $30, how many units will be demanded? b. If the price of the good is $30, how much is the total consumer slurplus? A B IC
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 1DQ
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Transcribed Image Text:The following table shows the willingness to pay for a good for the only four consumers
in a market.
Willingness to Pay
$25
$40
$15
D
$30
a. If the price of the good is $30, how many units will be demanded?
b. If the price of the good is $30, how much is the total consumer slurplus?
Consumer
A
B
C
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