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Melissa buys an iPhone for $120 and gets a consumer surplus of $80.

a. What is her willingness to pay?

b. If she had bought the iPhone on sale for $90, what would her consumer surplus have been?

c. If the price of an iPhone was $250, what would her consumer surplus have been?

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Joshua Stredder
Joshua StredderLv10
4 Apr 2021

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Related questions

If the market price for teaching is $10 per hour what would be the consumer surplus for the following students if they pay the market price?

a. Jack is willing to pay $24 for one hour his consumer surplus is $________ .

b. Jill is willing to pay $21 for one hour her consumer surplus is $ _________.

c. Kathy is willing to pay $10 for one hour her consumer surplus is $ _________.

d. The total consumer surplus for the three students is $_________.

Bill and Ted consume 15 chocolate bars each at the current price. If Bill's demand curve is less elastic than Ted's demand curve, A) Bill's willingness to pay for the last chocolate bar is greater than Ted's. B) Ted's willingness to pay for the last chocolate bar is greater than Bill's. C) Bill's consumer surplus is greater than Ted's. D) Ted's consumer surplus is greater than Bill's. E) Bill's consumer surplus equals Ted's.

1. All else equal, what happens to consumer surplus if the price of a good decreases?

a. Consumer surplus increases.

b. Consumer surplus decreases.

c. Consumer surplus is unchanged.

d. Consumer surplus may increase, decrease, or remain unchanged.

 

2. Refer to the above figure. If the total surplus is $240, the consumer surplus is:

a. $100, then the price of the good is $130.

b. $130, then the price of the good is $120.

c. $160, then the price of the good is $100.

d. $120, then the price of the good is $90.

 

3. A tariff is a:

a. limit on how much of a good can be exported.

b. limit on how much of a good can be imported.

c. tax on an exported good.

d. tax on an imported good.

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