Omega,Inc.sells its fitness wrist band for $100.It cost the company $62 to make the product.Customers value the wrist band at $110.In this scenario,the consumer surplus is

Name: Omega,Inc.sells its fitness wrist band for $100.It cost the company $62 to make the product.Customers value the wrist band at $110.In this scenario,the consumer surplus is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay ($110) and what they actually pay ($100), which is $10.

Omega,IncSells Its Fitness Wrist Band for $100