Refer to T able 6.5. If the six people listed in the table are the only consumers

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Refer to T able 6.5. If the six people listed in the table are the only consumers in the market and the equilibrium price is $11 (not the $8 shown), how much consumer surplus will the market generate?

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Question Posted: May 23, 2013 07:43 AM

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Refer to T able 6.5. If the six people listed in the table are the only consumers

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Maximum Actual Price Price Willing (Equilibrium Consumer Surplus $5 $13 -$8) 4 ($12-$8) 3 $11 $8) 2 $10 $8) l (= $9-$8) 0 $8- $8) to Pay $13 12 Price) Person Bob Barb Bill Bart Brent Betty

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