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Leokris [45]
3 years ago
14

Suppose the price is $6 per sheet of plywood. Suppose the price falls to $4 per sheet of plywood.How much of the increase in con

sumer surplus was additional consumer surplus for the people who would have bought plywood at $6 anyway.
Business
1 answer:
Pie3 years ago
7 0

Answer:

"$2,500" is the appropriate answer.

Explanation:

The question given seems to be incomplete. Below there is a attachment of full question is provided.

The given values are:

Plywood's price,

= $6 per sheet

Price falls,

= $4

Now,

At price $6, the consumer surplus will be:

= 0.5\times 1000\times (10-6)

= 0.5\times 1000\times 4

= 2,000 ($)

When price falls, the consumer surplus will be:

= 0.5\times 1500\times (10-4)

= 0.5\times 1500\times 6

= 4,500 ($)

Hence,

The increase in consumer surplus will be:

= 4500-2000

= 2,500 ($)

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