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Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.

Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
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Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, ☐ Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. ☐ Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.
Transcribed Image Text:Table 7-1 Buyer Willingness To Pay Calvin $150.00 Sam $135.00 Andrew $120.00 Lori $100.00 Refer to Table 7-1. If the market price is $105, ☐ Calvin's consumer surplus is $45 and total consumer surplus is $85. Sam's consumer surplus is $30 and total consumer surplus is $90. ☐ Andrew's consumer surplus is $15 and total consumer surplus is $67.50. Lori's consumer surplus is -$2 and total consumer surplus is $100.
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