NAME Pricing Problems 1. Economic Surplus: What would be the amount of each surplus given the...

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NAME Pricing Problems 1. Economic Surplus: What would be the amount of each surplus given the information provided below? Product A Unit variable cost is $5 Price is $6 Maximum WTP (Willingness to pay) is $8 True value is $11 Surplus Amount Producer (Price - UVC) S Consumer (WTP - Price) S Unrealized (True - WTP) S Product B Unit variable cost is $6 Price is $10 Maximum WTP is $15 True value is $13 Surplus Amount Producer S Consumer S Unrealized $ What is another term that can be used to describe a consumer's maximum WTP? You need to put the term that was used specifically in this course to receive full credit. NAME Pricing Problems 1. Economic Surplus: What would be the amount of each surplus given the information provided below? Product A Unit variable cost is $5 Price is $6 Maximum WTP (Willingness to pay) is $8 True value is $11 Surplus Amount Producer (Price - UVC) S Consumer (WTP - Price) S Unrealized (True - WTP) S Product B Unit variable cost is $6 Price is $10 Maximum WTP is $15 True value is $13 Surplus Amount Producer S Consumer S Unrealized $ What is another term that can be used to describe a consumer's maximum WTP? You need to put the term that was used specifically in this course to receive full credit.