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-(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.If Andy consumes one more pumpkin and Ben consumes one fewer pumpkin than in equilibrium,total surplus will _____ by _____.
A)increase;$17
B)increase;$15
C)decrease;$8
D)decrease;$3

Question

Use the following to answer question: 
-(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.If Andy consumes one more pumpkin and Ben consumes one fewer pumpkin than in equilibrium,total surplus will _____ by _____.
A)increase;$17 
B)increase;$15 
C)decrease;$8 
D)decrease;$3

Quizplus · Accepted Answer

If Andy consumes one more pumpkin and Ben consumes one fewer pumpkin than in equilibrium, the new quantity demanded and supplied would be 6, and the new price would be $7. At this price, Andy's willingness to pay is $9 and Diane's cost is $7, resulting in a surplus of $2 for Andy. Ben's willingness to pay is $6 and Cindy's cost is $6, resulting in a surplus of $0 for Ben. Therefore, the total surplus would decrease by $2 for Andy and remain the same for Ben, resulting in a total decrease of $2 in total surplus.

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