There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15. Suppose the market price is $29. What is the total consumer surplus? The market price decreases to $19. What is the total consumer surplus now? When the price falls from $29 to $19, how much does each consumer’s individual consumer surplus change? How does total consumer surplus change?

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Q: $30

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Q: will a consumer buy a good if his consumer surplus is zero?

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Q: what is the producer surplus?  (Assume that Nabisco CANNOT sell partial packs of Oreos.)

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A: Answer to the question is as follows :

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A: Price elasticity of demand  Price elasticity is a concept used by economists to analyze how changes…

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Q: Part 2 What is Justin's consumer's surplus? (Round to the nearest two decimals if necessary.)

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