Table-Demand and Utility Table for action figures $$\begin{array} { | c | c | c | c | }
\hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \
\hline \$ 14 & 1 & & \
\hline \$ 12 & 2 & & \
\hline \$ 10 & 3 & & \
\hline \$ 8 & 4 & & \
\hline \$ 6 & 5 & & \
\hline
\end{array}$$
-If the price of action figures was $12.00 each,his consumer surplus would be
A)$2.
B)$4.
C)$12.
D)$14.
E)$26.

Question

Table-Demand and Utility Table for action figures $$\begin{array} { | c | c | c | c | } 
\hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \
\hline \$ 14 & 1 & & \
\hline \$ 12 & 2 & & \
\hline \$ 10 & 3 & & \
\hline \$ 8 & 4 & & \
\hline \$ 6 & 5 & & \
\hline
\end{array}$$
-If the price of action figures was $12.00 each,his consumer surplus would be
A)$2.
B)$4.
C)$12.
D)$14.
E)$26.

Quizplus · Accepted Answer

Consumer surplus is the difference between the price a consumer is willing to pay for a good and the price they actually pay. In this case, the consumer is willing to pay $14 for an action figure, but they only have to pay $12. Therefore, their consumer surplus is $2.

Table-Demand and Utility Table for Action Figures -If the Price of Action Figures Was $12