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Author Question: Consumer surplus: a. does not exist in equilibrium. b. is illustrated by the area under the demand ... (Read 36 times)

jrubin

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on: Jun 30, 2018
Consumer surplus:
 a. does not exist in equilibrium.
  b. is illustrated by the area under the demand curve and above the market price.
  c. is illustrated by the area under the demand curve and below the market price.
  d. is illustrated by the area above the supply curve and under the demand curve.

Question 2

If Bill is willing to pay 10 for one good X, 8 for a second, and 6 for a third, and the market price is 5, then Max's consumer surplus is:
 a. 24 b. 18.
  c. 9 d. 6.


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bd5255

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


jrubin

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Reply 2 on: Jun 30, 2018
Wow, this really help

kilada

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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