There are four potential suppliers of personal massages: Chen, Mark, Lee and Dan are each willing to provide one massage each. Their respective opportunity costs are: $8, $16, $24, and $32. There are four potential consumers of massage: Cheng, Wendy, Trevor and Chris are each willing to purchase one massage. Their respective willingness to pay are: $40, $32, $24, and $16. In a competitive equilibrium, the total economic surplus will be

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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There are four potential suppliers of personal
massages: Chen, Mark, Lee and Dan are each
willing to provide one massage each. Their
respective opportunity costs are: $8, $16, $24,
and $32. There are four potential consumers of
massage: Cheng, Wendy, Trevor and Chris are
each willing to purchase one massage. Their
respective willingness to pay are: $40, $32, $24,
and $16. In a competitive equilibrium, the total
economic surplus will be
Transcribed Image Text:There are four potential suppliers of personal massages: Chen, Mark, Lee and Dan are each willing to provide one massage each. Their respective opportunity costs are: $8, $16, $24, and $32. There are four potential consumers of massage: Cheng, Wendy, Trevor and Chris are each willing to purchase one massage. Their respective willingness to pay are: $40, $32, $24, and $16. In a competitive equilibrium, the total economic surplus will be
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