Author Question: If Sam is willing to pay 50 for one good X, 30 for a second, 20 for a third, 8 for a fourth, and the ... (Read 37 times)

xroflmao · **on:** Jun 30, 2018

If Sam is willing to pay 50 for one good X, 30 for a second, 20 for a third, 8 for a fourth, and the market price is 10, then Sam's consumer surplus is:
a. 10 b. 40.
c. 70 d. 100.

Question 2

Suppose a consumer is willing to pay 20 for one good X, 10 for a second, and 5 for a third, and the market price is 4 . The consumer surplus is:
a. 16 b. 6.
c. 1 d. 23.