Suppose the market price is $5. The buyer who buys the first unit of output has a willingness-to-buy equal to $10; the buyer who buys the second unit of output has a willingness-to-buy equal to $9; and the buyer who buys the first unit of output has a willingness-to-buy equal to $8. Total consumer surplus is

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- jim_thompson5910

focus on `Suppose the market price is $5. The buyer who buys the first unit of output has a willingness-to-buy equal to $10` for now
what's the consumer surplus for this one buyer?

- anonymous

im thinking $5.00? @jim_thompson5910

- jim_thompson5910

yes, subtract the max willingness to buy/pay and the market price

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- jim_thompson5910

do the same for the other buyers
then add up all the individual surpluses

- anonymous

ok ...so the other buyer would be 9-5 = 4
do i add the 4 and 5 together?
kind of confused

- jim_thompson5910

and 8-5 = 3 as well

- jim_thompson5910

so, 5+4+3 = 9+3 = 12 is your total consumer surplus

- anonymous

ohhh thats what i missed ! ok got it now thank you

- jim_thompson5910

no problem

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