Refer to the table below. (1) Person Bashir Barb Bill Beeja Brent (2) Maximum Price Willing...

 

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Refer to the table below. (1) Person Bashir Barb Bill Beeja Brent (2) Maximum Price Willing to Pay (-MB) $ 21 16 14 12 10 8 (3) Actual Price (Equilibrium Price) $ 14 14. 14 14 14 14 Blessing If the six people listed in the table are the only consumers in the market, and the equilibrium price is $14, how much consumer surplus will the market generate? Instructions: Enter your answer as a whole number. Total consumer surplus = $| Refer to the table below. (1) Person Bashir Barb Bill Beeja Brent (2) Maximum Price Willing to Pay (-MB) $ 21 16 14 12 10 8 (3) Actual Price (Equilibrium Price) $ 14 14. 14 14 14 14 Blessing If the six people listed in the table are the only consumers in the market, and the equilibrium price is $14, how much consumer surplus will the market generate? Instructions: Enter your answer as a whole number. Total consumer surplus = $|

Answer rating: 100% (QA)

To calculate the total consumer surplus we need to determine the difference between the maximum pric... View the full answer