Use the following to answer question:
-(Table: Consumer Surplus)Use Table: Consumer Surplus.Assume that each student wants to buy one ticket.If the price of a ticket to see The Nutty Nutcracker is $75,Miguel's consumer surplus is:
A)$60.
B)$50.
C)$15.
D)$240.

Question

Use the following to answer question: 
-(Table: Consumer Surplus)Use Table: Consumer Surplus.Assume that each student wants to buy one ticket.If the price of a ticket to see The Nutty Nutcracker is $75,Miguel's consumer surplus is:
A)$60. 
B)$50. 
C)$15. 
D)$240.

Quizplus · Accepted Answer

Miguel's maximum willingness to pay is $90, but the actual price he paid is $75. Therefore, his consumer surplus is $15 ($90 - $75).

Use the Following to Answer Question