Homework Answers
Choke price = $89.
Price of good is $66.
Quantity demanded is 23 units.
Consumer surplus is the area below demand curve and above market price. It is the difference between what consumers are willing to pay and what they actually pay.
Area of triangle= ½ ( base x height)
The height of the triangle is Choke price minus price of the good. $89 - $66=$23.
Base of the triangle is units demanded = 23.
Consumer surplus= 1/2 (23) x (23)
= ½ x 529=$264.50.
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