Question: Study Problem - 15 - using the Figure that depicts the demand for grape oil - WHAT is the total consumer surplus if the price

the price per liter is $3? Choose. Please answer all parts of

the question Next p15. (LO 5 (@) ) Suppose that Figure 5.11

Study Problem - 15 - using the Figure that depicts the demand for grape oil - WHAT is the total consumer surplus if the price per liter is $3? Choose. Please answer all parts of the question Next p15. (LO 5 (@) ) Suppose that Figure 5.11 ( depicts the demand for grape oil, which can be purchased in any quantities and sold at any price. $6 A Price per litre w N 100 200 300 400 500 600 700 Quantity per period FIGURE 5.11 a) What is the total consumer surplus if the price per litre is $4? b ) What is the total consumer surplus if the price per litre is $2? (Hint: Area of a triangle?)

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