In our everyday lives as consumers we purchase many goods and services, and we derive consumers' surplus for most of them. With that in mind, please:

Identify 3 different goods or services you have purchased in the last year that gave you consumer's surplus, and estimate the amount of consumer's surplus you enjoy from those purchases. For each good, please write out a complete sentence which states specifically:

1. The highest amount you would have been willing to pay.
2. The price you actually paid.
3. The amount of consumers' surplus you received from each item.

Helpful tips: Be sure to state exactly the highest price you would have been willing to pay, and the price you actually paid. There are different phrases you can use to communicate the highest price you were willing to pay, but note that the following are incorrect:

• The price you were willing to pay. Just because you were willing to pay $20 for a good doesn't mean this is the highest you were willing to pay.
• The price you expected to pay. Again, this is not necessarily the highest price you were willing to pay. You get the idea.

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