Answer:
c. Kevin wanted to spend $50 on a dishwasher and bought one at $45 from a producer who was hoping to receive $40.
d. Jay buys a house for $40,000 less than he was willing to pay. He bought his home from sellers who received $2,000 more than they were willing to sell for.
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.
Producer surplus is the difference between the price a seller sells a good and the least price the seller is willing to sell his good.
In the first option, the total surplus is $2.25 + $3 =$ 5.25
In the second option, there is no consumer surplus.
In the third option, consumer surplus = $50 - $45 = $5
Producer surplus: $45 - $40 = $5
Total surplus = $5 + $5 = $10
In the fourth option, the total surplus is $40,000 + $2000 = $42,000
I hope my answer helps you
