Table 4-5

-Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36,
A) Violet and Walter will each buy two tickets.
B) Walter will receive $4 of consumer surplus from buying one ticket.
C) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.
D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.

Question

Table 4-5
 
-Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36,
A) Violet and Walter will each buy two tickets. 
B) Walter will receive $4 of consumer surplus from buying one ticket. 
C) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket. 
D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.

Quizplus · Accepted Answer

Walter's willingness to pay is $40, so if he buys a ticket for $36, his consumer surplus is $40 - $36 = $4.

Table 4-5 -Refer to Table 4-5. the Table Above Lists the Highest