Answer:
$13
$9
Explanation:
Total surplus is the sum of consumer surplus and producer surplus.
Consumer surplus is the difference between the willingness to pay of a consumer and the price he pays for the good.
Consumer surplus = willingness to pay - price of the good
Producer surplus is the difference between the least amount a seller is willing to sell his product and the price he sells the product.
Producer surplus = price of the good - least price the seller is willing to sell his product
Total surplus = consumer surplus + producer surplus
Total surplus = willingness to pay - price of the good + price of the good - least price the seller is willing to sell his product
Prices cancel out
Total surplus = willingness to pay - least price the seller is willing to sell his product
A. Total surplus = $18 - $5 = $13
B. Total surplus = $16 - $7 = $9
I hope my answer helps you
