Steve loves potato chips. His weekly demand curve is shown in the following exhibit. a. How much
Question:
a. How much is Steve willing to pay for one bag of potato chips?
b. How much is Steve willing to pay for a second bag of potato chips?
c. If the actual market price of potato chips is $2.50, and Steve buys five bags as shown, what is the value of his consumer surplus?
d. What is Steves total willingness to pay for fivebags?
Transcribed Image Text:
$5.00 4.50 4.00 3.50 8 3.00 2.50 2.00 a 1.50 1.00 0.50 1 2 3 4 5 6 7 89 10 2 0 Quantity of Potato Chips er bag)
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