During the last two days, Chad purchased a lattc from two different stores. The table below shows Chad?s willingness to pay on each day and his consumer surplus from each purchase.

Refer to Table. The price that Chad paid for a lattc on the first day is.

a. $6.25.

b. $5.00.

c. $3.75.

d. $5.50.

Transcribed Image Text:

First Day Second Day Chad's Willingness to Pay $5.00 $4.00 Chad's Consumer Surplus $1.25 $0.75 First Day Second Day Chad's Willingness to Pay $5.00 $4.00 Chad's Consumer Surplus $1.25 $0.75

Answer rating: 100% (QA)

a 625 Consumer surplus is the difference between the amoun... View the full answer