Table 6.7
$$\begin{array} { | c | c | }
\hline \text { Frice per Fiece } ( \$ ) & \text { Quantity } \
\hline 8 & 0 \
\hline 7 & 1 \
\hline 6 & 2 \
\hline 5 & 3 \
\hline 4 & 4 \
\hline 3 & 5 \
\hline 2 & 6 \
\hline 1 & 7 \
\hline
\end{array}$$
-Refer to Table 6.7,which shows Ethan's demand for sushi at various prices.When the price is $3,the consumer surplus is $_____
A)5.
B)6.
C)10.
D)25.
E)30.

Question

Table 6.7
 $$\begin{array} { | c | c | } 
\hline \text { Frice per Fiece } ( \$ ) & \text { Quantity } \
\hline 8 & 0 \
\hline 7 & 1 \
\hline 6 & 2 \
\hline 5 & 3 \
\hline 4 & 4 \
\hline 3 & 5 \
\hline 2 & 6 \
\hline 1 & 7 \
\hline
\end{array}$$
-Refer to Table 6.7,which shows Ethan's demand for sushi at various prices.When the price is $3,the consumer surplus is $_____
A)5.
B)6.
C)10.
D)25.
E)30.

Quizplus · Accepted Answer

Consumer surplus is the area above the price and below the demand curve. At a price of $3, Ethan buys 5 pieces. The maximum price he is willing to pay for these 5 pieces is $8, $7, $6, $5, and $4 respectively. The consumer surplus is (8-3) + (7-3) + (6-3) + (5-3) + (4-3) = 5 + 4 + 3 + 2 + 1 = $15.

Table 67 -Refer to Table 6