Mark and Rasheed are at the bookstore buying new calculators for the semester.Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator.The price for a calculator at the bookstore is $65.How much is their total consumer surplus?
A)$10
B)$35
C)$45
D)$60

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Mark's consumer surplus is $75 - $65 = $10, and Rasheed's consumer surplus is $100 - $65 = $35. The total consumer surplus is $10 + $35 = $45.

Mark and Rasheed Are at the Bookstore Buying New Calculators