Table 7-4
The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field.
-Refer to Table 7-4. If tickets sell for $25 each, then what is the total consumer surplus in the market?
A)$25
B)$35
C)$60
D)$110

Question

Table 7-4
The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field. 
-Refer to Table 7-4. If tickets sell for $25 each, then what is the total consumer surplus in the market?
A)$25 
B)$35 
C)$60 
D)$110

Quizplus · Accepted Answer

To find the total consumer surplus in the market, we need to subtract the market price ($25) from each consumer's maximum willingness to pay and add up the differences. 
For Person A: $60 - $25 = $35 
For Person B: $40 - $25 = $15 
For Person C: $35 - $25 = $10 
For Person D: $30 - $25 = $5 
Total consumer surplus = $35 + $15 + $10 + $5 = $65 
Therefore, the best choice is C.

Table 7-4 the Numbers in Table 7-1 Reveal the Maximum Willingness to Willingness