Suppose Lauren,Leslie and Lydia all purchase bulletin boards for their rooms for $15 each.Lauren's willingness to pay was $35,Leslie's willingness to pay was $25,and Lydia's willingness to pay was $30.Total consumer surplus for these three would be
A)$15.
B)$30.
C)$45.
D)$90.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what the consumers are willing to pay and what they actually pay. Lauren's consumer surplus = $35 - $15 = $20. Leslie's consumer surplus = $25 - $15 = $10. Lydia's consumer surplus = $30 - $15 = $15. Total consumer surplus = $20 + $10 + $15 = $45.

Suppose Lauren,Leslie and Lydia All Purchase Bulletin Boards for Their