Table 7-1

-Refer to Table 7-1. If the price of the product is $122, then the total consumer surplus is
A) $28.
B) $41.
C) $43.
D) $405.

Question

Table 7-1
 
-Refer to Table 7-1. If the price of the product is $122, then the total consumer surplus is 
A) $28. 
B) $41. 
C) $43. 
D) $405.

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay and what they actually pay. If the price is $122, calculate the surplus for each consumer whose willingness to pay is above $122 and sum these amounts to get the total consumer surplus.

Table 7-1 -Refer to Table 7-1. If the Price of the Product