Leroy wants to buy a new bike. He is able to find someone selling a bike for $95. He was willing to pay $105 for it so he makes the purchase. After two years of use, Leroy decides to sell the bike again to his neighbor for $100. The neighbor was willing to pay $120 for the bike so he buys it. Was is the total surplus? $30 O $10 O $20 $25

Leroy wants to buy a new bike. He is able to find someone selling a bike for $95. He was willing to pay $105 for it so he makes the purchase. After two years of use, Leroy decides to sell the bike again to his neighbor for $100. The neighbor was willing to pay $120 for the bike so he buys it. Was is the total surplus? $30 O $10 O $20 $25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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