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leeorareeves299
09.10.2019 •
Business
Suppose the market price is $5. there are three consumers in the market. the consumer who purchases the first unit of output is willing to pay $12; the consumer purchasing the second unit of output is willing to pay $8; and the consumer buying the third unit of output is willing to pay $7. total consumer surplus across these three consumers is
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Ответ:
Total consumer surplus is $12
Explanation:
Consumer surplus can be defined as the difference between what the consumer is willing to pay for a particular product and its market price.
Given:
Market price of product is $5
Consumer's willingness to pay for 1st unit = $12
Consumer surplus of first customer = 12-5 = $7
Consumer's willingness to pay for 2nd unit = $8
Consumer surplus of second customer = 8-5 = $3
Consumer's willingness to pay for 3rd unit = $7
Consumer surplus of first customer = 7-5 = $2
Total consumer surplus = 7+3+2
= $12
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