Scenario 12-3
Suppose that Bob places a value of $10 on a movie ticket and that Lisa places a value of $7 on a movie ticket. In addition, suppose the price of a movie ticket is $5.
-Refer to Scenario 12-3.What is total consumer surplus for Bob and Lisa?
A) $0
B) $2
C) $5
D) $7

Question

Quizplus · Accepted Answer

Bob's consumer surplus is $5 ($10 value - $5 price), and Lisa's consumer surplus is $2 ($7 value - $5 price). Total consumer surplus is $5 + $2 = $7.

Scenario 12-3 Suppose That Bob Places a Value of $10 on a on a Movie