In a market for trash bags, the highest price consumers are willing to pay is $20...
In a market for trash bags, the highest price consumers are willing to pay is $20 for a 64 pack and the lowest price producers are willing to accept is $12 per pack. The market equilibrium price is $14 per pack, at which 10 million packs are sold. (Assume that both demand and supply curves are straight lines.)
question:In the market above, what is the consumer surplus ($ million)?
Homework Answers
Answer:
Consumer surplus is area below the demand curve and above the equilibrium price level.
Consumer surplus= ½ * (Maximum willingness to pay - price paid by consumers)*qty purchased
= 1/2*(20 - 14)*10 million= $30 million
Thus consumer surplus is $30 million
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In a market for trash bags, the highest price consumers are
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