Stacy places a $20 value on a bottle of wine,and Andrea places a $17 value on it.The equilibrium price for a bottle of wine is $15.How much total consumer surplus do Stacy and Andrea get when each purchases a bottle of wine?

Question

Quizplus · Accepted Answer

At the equilibrium price of $15, Stacy gains a consumer surplus of $5 ($20 - $15), and Andrea gains a consumer surplus of $2 ($17 - $15). Therefore, the total consumer surplus for both is $7 ($5 + $2).

Stacy Places a $20 Value on a Bottle of Wine,and