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Taya2010 [7]
3 years ago
11

Mark and Rasheed are at the bookstore buying new calculators for the semester. Mark is willing to pay $75 and Rasheed is willing

to pay $100 for a graphing calculator. The price for a calculator at the bookstore is $65. How much is Mark's individual consumer surplus?
Business
1 answer:
Romashka [77]3 years ago
4 0

Answer:

Mark's individual consumer surplus is $10.

Explanation:

Mark and Rasheed are at the bookstore buying new calculators for the semester.

Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator.

The price for a calculator at the bookstore is $65.

The consumer surplus is the difference between the maximum price that a consumer is willing to pay and the price he actually has to pay.

Mark's individual consumer surplus

= Price mark was willing to pay - Price he actually has to pay

= $75 - $65

= $10

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