Question

shawn is buying a new spring jacket, and he is willing to pay as much as he paid for the last jacket he bought, which was $38. he finds one that he likes on sale and buys it for $29. in this case, shawn receives a consumer surplus of $

Answer 1

In this case, shawn receives a consumer surplus of $ 9.

What is consumer surplus?

consumer surplus is moreover called social surplus and consumer's surplus, in financial matters, the contrast between the cost a shopper pays for an item and the cost he would be willing to pay instead of do without it.

Formula for Consumer surplus :

Consumer surplus = Most extreme cost buyer is willing to pay – Actual cost.

The customer surplus equation for numerous customers can be communicated as follows:  

Shopper Overflow = ½ * Demand quantity at equilibrium * (Maximum cost buyer is willing to pay – Market cost)

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