the price of a pair of Levi’s jeans is $32, how many pairs of jeans will each person purchase? How much consumer surplus does each of them receive from the last pair of jeans purchased? How much consumer surplus will each of them receive for each of the pairs
the price of a pair of Levi’s jeans is $32, how many pairs of jeans will each person purchase? How much consumer surplus does each of them receive from the last pair of jeans purchased? How much consumer surplus will each of them receive for each of the pairs
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Fei, Morgan, and Lakesha are all in the market for new Levi’s jeans. The marginal benefit for each pair of jeans per year for each of them is provided in the following table:
Quantity Fei Morgan Lakesha 1 $85 $40 $90 2 $60 $32 $75 3 $32 $24 $55 4 $20 $16 $32 5 $15 $8 $25 If the
price of a pair of Levi’s jeans is $32, how many pairs of jeans will each person purchase? How muchconsumer surplus does each of them receive from the last pair of jeans purchased? How much consumer surplus will each of them receive for each of the pairs they buy at a price of $32? How much do they receive collectively?
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