?Exhibit
Miles demands jazz CDs according to the following demand schedule:

$\begin{array}{cc}
\text {Price of Jazz CDs }& \text {Quantity of Jazz CDs} \
\hline \$ 30 & 1 \
\$ 25& 2 \
\$ 20 & 3 \
\$ 15 & 4 \
\$ 10& 5
\end{array}$
-Refer to Exhibit. If the price of the jazz CDs equals $15, the total consumer surplus Miles receives from purchasing jazz CDs is:

Question

?Exhibit
Miles demands jazz CDs according to the following demand schedule:

$\begin{array}{cc}
 \text {Price of Jazz CDs }&  \text {Quantity of Jazz CDs} \
\hline \$ 30  & 1 \
\$ 25& 2 \
\$ 20  & 3 \
 \$ 15 & 4 \
\$ 10& 5
\end{array}$
-Refer to Exhibit. If the price of the jazz CDs equals $15, the total consumer surplus Miles receives from purchasing jazz CDs is:

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. At $15, Miles buys 4 CDs. He is willing to pay $30 for the first, $25 for the second, $20 for the third, and $15 for the fourth. The consumer surplus is ($30-$15) + ($25-$15) + ($20-$15) = $15 + $10 + $5 = $30.

?Exhibit Miles Demands Jazz CDs According to the Following Demand

?Exhibit
Miles Demands Jazz CDs According to the Following Demand