ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $5.75$5.75. Michelle was willing to pay up to $7.75$7.75 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $2.25$2.25 for the cappuccino. Based on this information, answer the following questions.
Michelle's consumer surplus : $
Paul's Cafe and Bakery's producer surplus : $
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