anonymous
  • anonymous
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
Mathematics
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anonymous
  • anonymous
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
Mathematics
chestercat
  • chestercat
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jim_thompson5910
  • 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
  • anonymous
im thinking $5.00? @jim_thompson5910
jim_thompson5910
  • jim_thompson5910
yes, subtract the max willingness to buy/pay and the market price

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jim_thompson5910
  • jim_thompson5910
do the same for the other buyers then add up all the individual surpluses
anonymous
  • anonymous
ok ...so the other buyer would be 9-5 = 4 do i add the 4 and 5 together? kind of confused
jim_thompson5910
  • jim_thompson5910
and 8-5 = 3 as well
jim_thompson5910
  • jim_thompson5910
so, 5+4+3 = 9+3 = 12 is your total consumer surplus
anonymous
  • anonymous
ohhh thats what i missed ! ok got it now thank you
jim_thompson5910
  • jim_thompson5910
no problem

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