Scenario 12-1
Suppose Jeremy and Kelsey receive great satisfaction from their consumption of turkey.Kelsey would be willing to purchase only one slice and would pay up to $5 for it.Jeremy would be willing to pay $8 for his first slice, $6 for his second slice, and $2 for his third slice.The current market price is $2 per slice.
-Refer to Scenario 12-1.How much total consumer surplus do Kelsey and Jeremy collectively receive from consuming turkey when it is priced at $2 a slice
A)$3
B)$6
C)$9
D)$12

Question

Quizplus · Accepted Answer

The Answer of Scenario 12-1
Suppose Jeremy and Kelsey receive great satisfaction from their consumption of turkey.Kelsey would be willing to purchase only one slice and would pay up to $5 for it.Jeremy would be willing to pay $8 for his first slice, $6 for his second slice, and $2 for his third slice.The current market price is $2 per slice.
-Refer to Scenario 12-1.How much total consumer surplus do Kelsey and Jeremy collectively receive from consuming turkey when it is priced at $2 a slice
A)$3
B)$6
C)$9
D)$12

Scenario 12-1 Suppose Jeremy and Kelsey Receive Great Satisfaction from Their Consumption