Suppose the total benefit eight people enjoyed from consuming one cookie each was $8 + $6 + $6 + $5 + $4 + $3 + $3 +$1.If the price of a cookie was $1,what was the consumer surplus in this market?

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the total benefit that consumers receive from a good and the total amount they pay for it. In this case, the consumers paid a total of $8 for the cookies (since they each paid $1) and received a total benefit of $8 + $6 + $6 + $5 + $4 + $3 + $3 + $1 = $44.

Thus, their consumer surplus was $44 - $8 = $36. Answer choices A, C, and D are not correct.

Suppose the Total Benefit Eight People Enjoyed from Consuming One