The graph below shows demand D (p) for a certain product. Demand 9 (thousand items) 20 Area=315 Area=195 Area=205 6.15 (a) What is the consumer surplus at a price of $6.15 per item? $315 (b) What is the consumer expenditure at a price of $6.15 per item? $195 (c) What is the consumer willingness and ability to spend at a price of $6.15 per item? $205 (d) How many items are demanded at a price of $6.157 20 thousand p ($/item)

The graph below shows demand D (p) for a certain product. Demand 9 (thousand items) 20 Area=315 Area=195 Area=205 6.15 (a) What is the consumer surplus at a price of $6.15 per item? $315 (b) What is the consumer expenditure at a price of $6.15 per item? $195 (c) What is the consumer willingness and ability to spend at a price of $6.15 per item? $205 (d) How many items are demanded at a price of $6.157 20 thousand p ($/item)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 3.10P

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