Homework Answers
Q1
Answer
a)
willingness to pay =price + consumer surplus
Willingness to pay of Melissa =240+160=400
=======
b)
Consumer surplus = willingness to pay -price
CS of Melissa =400-180=$220
=======
c)
If the price is above willingness to pay, then there is no transaction taking place, so there is no question of consumer surplus.
The zero consumer surplus is if the transaction takes place at the willingness to pay the price.
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