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Zielflug [23.3K]
3 years ago
14

In the market for a particular pair of shoes, jena is willing to pay $75 for a pair, while jane is willing to pay $85 for a pair

. the actual price that each has to pay for a pair of these shoes is $65. what is the total amount of the two girls' combined consumer surplus?
Business
1 answer:
Kaylis [27]3 years ago
7 0

To solve for the consumer surplus, the formula is;

Consumer surplus = total value – actual value

If jena is willing to pay for $75 then = $75 – $65 = $10

If Jane on the other hand is willing to pay for $85 then = $85 - $65 = $20

To combine the amount of Jena and Jane to be able to get both of their consumer surplus,

= $10 + $20 = $30

The combined amount of consumer surplus of Jena and Jane is $30.

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