Kelly is willing to pay $68 for a pair of shoes for a wedding.She finds a pair at her favorite outlet shoe store for $58.Kelly's consumer surplus is

Name: Kelly is willing to pay $68 for a pair of shoes for a wedding.She finds a pair at her favorite outlet shoe store for $58.Kelly's consumer surplus is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Kelly is willing to pay $68 but pays $58, so her consumer surplus is $68 - $58 = $10.

Kelly Is Willing to Pay $68 for a Pair of Shoes