Use the following to answer questions: Table: Sweetbrand Cheesecakes $$\begin{array} { l c }
\hline \text { Consumer } & \begin{array} { c }
\text { Maximum willingness to pay } \
\text { for Sweetbrand cheesecakes }
\end{array} \
\hline \text { Frodo } & \$ 11.65 \
\text { Sam } & 17.99 \
\text { Mary } & 12.99 \
\text { Pippin } & 16.75 \
\hline
\end{array}$$
-(Table: Sweetbrand Cheesecakes) The table shows the maximum consumer willingness to pay for Sweetbrand cheesecakes. Which of the four consumers receives the smallest consumer surplus, if the market price of the cheesecakes is $12.50 each?

Question

Use the following to answer questions: Table: Sweetbrand Cheesecakes $$\begin{array} { l c } 
\hline \text { Consumer } & \begin{array} { c } 
\text { Maximum willingness to pay } \
\text { for Sweetbrand cheesecakes }
\end{array} \
\hline \text { Frodo } & \$ 11.65 \
\text { Sam } & 17.99 \
\text { Mary } & 12.99 \
\text { Pippin } & 16.75 \
\hline
\end{array}$$
-(Table: Sweetbrand Cheesecakes) The table shows the maximum consumer willingness to pay for Sweetbrand cheesecakes. Which of the four consumers receives the smallest consumer surplus, if the market price of the cheesecakes is $12.50 each?

Quizplus · Accepted Answer

Mary's maximum willingness to pay is $12.99, and with a market price of $12.50, her consumer surplus is $0.49, which is the smallest among the consumers.

Use the Following to Answer Questions: Table: Sweetbrand Cheesecakes -(Table: Sweetbrand Cheesecakes) the Table Shows the Maximum Consumer Willingness