(Table: Music Downloads) Look at the table Music Downloads.Two consumers, Eli and Madison, like to download songs to their MP₃ players, and the table represents their willingness to pay for each downloaded song.If an individual song can be downloaded at a price of $1, what is the total consumer surplus received by these consumers?
A)$19.25
B)$18
C)$10
D)$11

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. For Eli, the willingness to pay for each song is $4, $3, $2, $1, and $0.50. At a price of $1, Eli downloads 4 songs, with a surplus of $3, $2, $1, and $0 respectively, totaling $6. For Madison, the willingness to pay is $5, $4, $3, $2, and $1.50. At a price of $1, Madison downloads 5 songs, with a surplus of $4, $3, $2, $1, and $0.50 respectively, totaling $11. The total consumer surplus is $6 + $11 = $17.

(Table: Music Downloads) Look at the Table Music Downloads