Exhibit 7-5 The schedule below represents the willingness of a typical consumer to pay for wine in a year.Suppose there are 10,000 identical consumers in the community.
Refer to Exhibit 7-5.If the market price of wine is $30,the total consumer surplus for the community equals:

Question

Exhibit 7-5 The schedule below represents the willingness of a typical consumer to pay for wine in a year.Suppose there are 10,000 identical consumers in the community.
 Refer to Exhibit 7-5.If the market price of wine is $30,the total consumer surplus for the community equals:

Quizplus · Accepted Answer

Consumer surplus is calculated as the difference between the willingness to pay and the price paid for a good. At a market price of $30, consumers are willing to pay a total of $50,000 for wine (sum of the willingness to pay values from $30 to $80). Thus, the total consumer surplus for the community would be $50,000 - ($30 x 10,000 consumers) = $30,000. Therefore, the correct answer is B.

Exhibit 7-5 the Schedule Below Represents the Willingness of a Typical