John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B) If the price of the Mustang were $45,000, would would his conumer surplus have been?
John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B) If the price of the Mustang were $45,000, would would his conumer surplus have been?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
John purchases a 1964 Mustang for $40,000 and gets
A) What is his willingness to pay?
B) If he had purchased the car for $$35,000, what would his consumer surplus be?
B) If the price of the Mustang were $45,000, would would his conumer surplus have been?
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