Bob purchases a book for $6, and his consumer surplus is $2. How much is Bob willing to pay for the book?

Name: Bob purchases a book for $6, and his consumer surplus is $2. How much is Bob willing to pay for the book?
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Question

Quizplus · Accepted Answer

Bob's consumer surplus is the difference between how much he was willing to pay for the book and what he actually paid. So if we add the consumer surplus to the price Bob paid, we get the maximum amount he was willing to pay, which is $8. Therefore, the best choice is C.

Bob Purchases a Book for $6, and His Consumer Surplus