Table 7-9
During the last two days, Chad purchased a latte from two different stores. The table below shows Chad's willingness to pay on each day and his consumer surplus from each purchase.

-Refer to Table 7-9. The price that Chad paid for a latte on the second day is
A) $0.25 less than the amount he paid on the first day.
B) $1.00 less than the amount he paid on the first day.
C) $1.50 less than the amount he paid on the first day.
D) $0.50 less than the amount he paid on the first day.

Question

Table 7-9
During the last two days, Chad purchased a latte from two different stores. The table below shows Chad's willingness to pay on each day and his consumer surplus from each purchase.
 
-Refer to Table 7-9. The price that Chad paid for a latte on the second day is
A) $0.25 less than the amount he paid on the first day. 
B) $1.00 less than the amount he paid on the first day. 
C) $1.50 less than the amount he paid on the first day. 
D) $0.50 less than the amount he paid on the first day.

Quizplus · Accepted Answer

Without the table, we assume the problem is asking for the difference in price Chad paid for a latte between the first and second day. Based on the options, D suggests a $0.50 decrease, which is a reasonable assumption for a small price change like a latte.

Table 7-9 During the Last Two Days, Chad Purchased a Latte from Latte