Answer: Total consumer surplus is $27
We calculate Consumer Surplus as follows:

We calculate Consumer Surplus for each person
Person Price Willing Actual Price Consumer Surplus
John 30 20
Susie 28 20 
Joseph 25 20 
Jessica 23 20 
<u>Jeremy 21 20
</u>
<u>Total Consumer Surplus 27 </u>
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Answer:
straight land contract
Explanation:
Based on the information provided within the question it can be said that the type of contract that is being illustrated in this scenario is a straight land contract. This is a contract where the interest cannot be overrided and payments are not specific, meaning that you can go paying the contract off little by little but the interest will adjust accordingly.
Answer: True
Explanation:
A master budget refers to the lower-level budgets that is within an organization, and the financial plan, the cash flow forecasts, and the budgeted financial statements.
The master budget consists of three main components which are the operating budget, financial budget and the capital expenditures budget.
Therefore, the statement is true.
The business cycle is the fluctuation in economic activity