Use the following to answer questions : $$\begin{array}{l}
\text { Table: Pumpkin Market }\
\begin{array} { l c c c c }
\hline \begin{array} { l }
\text { Quantity of } \
\text { Pumpkins }
\end{array} & \begin{array} { c }
\text { Andy's } \
\text { willingness to pay }
\end{array} & \begin{array} { c }
\text { Ben's willingness } \
\text { to pay }
\end{array} & \text { Cindy's cost } & \text { Diane's cost } \
\hline \text { lst pumpkin } & \$ 12 & \$ 11 & \$ 3 & \$ 4 \
\text { 2nd pumpkin } & 10 & 9 & 5 & 6 \
\text { 3rd pumpkin } & 8 & 7 & 8 & 9 \
\text { 4th pumpkin } & 6 & 5 & 10 & 11 \
\hline
\end{array}
\end{array}$$
-(Table: Pumpkin Market)There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,the total consumer surplus is:
A) $10.
B) $8.
C) $6.
D) $0.

Question

Use the following to answer questions : $$\begin{array}{l}
\text { Table: Pumpkin Market }\
\begin{array} { l c c c c } 
\hline \begin{array} { l } 
\text { Quantity of } \
\text { Pumpkins }
\end{array} & \begin{array} { c } 
\text { Andy's } \
\text { willingness to pay }
\end{array} & \begin{array} { c } 
\text { Ben's willingness } \
\text { to pay }
\end{array} & \text { Cindy's cost } & \text { Diane's cost } \
\hline \text { lst pumpkin } & \$ 12 & \$ 11 & \$ 3 & \$ 4 \
\text { 2nd pumpkin } & 10 & 9 & 5 & 6 \
\text { 3rd pumpkin } & 8 & 7 & 8 & 9 \
\text { 4th pumpkin } & 6 & 5 & 10 & 11 \
\hline
\end{array}
\end{array}$$
-(Table: Pumpkin Market)There are two consumers,Andy and Ben,in the market for pumpkins.Their willingness to pay for each pumpkin is shown in the table Pumpkin Market.There are two producers of pumpkins,Cindy and Diane,and their costs are also shown.The equilibrium price for pumpkins is $8 and the equilibrium quantity is 5.At the equilibrium price and quantity,the total consumer surplus is:
A) $10.
B) $8.
C) $6.
D) $0.

Quizplus · Accepted Answer

At the equilibrium price of $8, Andy buys the 1st and 2nd pumpkins (willingness to pay $12 and $10), and Ben buys the 1st pumpkin (willingness to pay $11). Consumer surplus is calculated as the difference between willingness to pay and price: (12-8) + (10-8) + (11-8) = $10.

Use the Following to Answer Questions -(Table: Pumpkin Market)There Are Two Consumers,Andy and Ben,in the Market