Jeff decides that he would pay as much as $3,000 for a new laptop computer.He buys the computer and realizes consumer surplus of $700.How much did Jeff pay for his computer?
A)$700
B)$2,300
C)$3,000
D)$3,700

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between the amount that Jeff was willing to pay ($3,000) and the actual price he paid. Therefore, we can set up the equation:

$3,000 - actual price = $700

Solving for the actual price:

actual price = $3,000 - $700 = $2,300

So Jeff paid $2,300 for the computer, which corresponds to answer choice B.

Jeff Decides That He Would Pay as Much as $3,000