Table 3-1

-Refer to Table 3-1. If the table represents the willingness to pay of four buyers and the price of the product is $30, then their total consumer surplus is

Question

Table 3-1
 
-Refer to Table 3-1. If the table represents the willingness to pay of four buyers and the price of the product is $30, then their total consumer surplus is

Quizplus · Accepted Answer

Consumer surplus is the difference between what buyers are willing to pay and what they actually pay. If the willingness to pay of the buyers is higher than $30, the surplus is the sum of these differences.

Table 3-1 -Refer to Table 3-1. If the Table Represents the Willingness