Refer to the accompanying figure. At the equilibrium price, total consumer surplus is:
A)$7.50 per day.
B)$10 per day.
C)$15 per day.
D)$40 per day.

Question

Refer to the accompanying figure. At the equilibrium price, total consumer surplus is: 
A)$7.50 per day. 
B)$10 per day. 
C)$15 per day. 
D)$40 per day.

Quizplus · Accepted Answer

Consumer surplus is the area of the triangle below the demand curve and above the equilibrium price. The area of any triangle is equal to ½(b × h), where b = base and h = height. So here, consumer surplus is equal to ½(5 × 3)= $7.50.

Refer to the Accompanying Figure