Using Exhibits A4 and A5 above, calculate the total surplus Then calculate the effect on consumer surplus,
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Using Exhibits A4 and A5 above, calculate the total surplus Then calculate the effect on consumer surplus, producer surplus, and total surplus of a fall in the equilibrium price of textbooks from $30 to $15 each Explain the meaning of your calculations
Potential Buyer | Willingness to Pay | Market Price |
Brad | $60 | $30 |
Juan | $45 | $30 |
Sue | $35 | $30 |
Jamie | $25 | $30 |
Frank | $10 | $30 |
Using the table above, we are looking to calculate the total consumer surplus.
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