Calvin is willing to pay $10 for the first widget that he purchases each year, $9 for the second, $8 for the third, and so on down to $1 for the tenth and nothing for the eleventh. The market price is $3 per widget. How many widgets will he buy, and what will be his consumer surplus?

Answer rating: 100% (QA)

P Q 10 1 9 2 8 3 7 4 6 5 5 6 4 7 3 8 2 9 1 ... View the full answer