Consumer surplus, on the other hand, is the difference between the price consumers are willing and able to pay for contacts and the actual price that they pay. Graphically, consumer surplus is the area from the market price up to the demand curve and over to the equilibrium quantity. Julio Got it! So what is total consumer surplus in the contact lens market? Domestic Market -- Quantity Supplied -- Quantity Demanded Price Quantity Supplied 0 Quantity Demanded 240 20 20 220 40 40 200 60 60 180 80 80 160 100 100 140 120 120 120 140 140 100 160 160 80 180 180 60 200 200 40 220 220 20 240 240 0
Consumer surplus, on the other hand, is the difference between the price consumers are willing and able to pay for contacts and the actual price that they pay. Graphically, consumer surplus is the area from the market price up to the demand curve and over to the equilibrium quantity. Julio Got it! So what is total consumer surplus in the contact lens market? Domestic Market -- Quantity Supplied -- Quantity Demanded Price Quantity Supplied 0 Quantity Demanded 240 20 20 220 40 40 200 60 60 180 80 80 160 100 100 140 120 120 120 140 140 100 160 160 80 180 180 60 200 200 40 220 220 20 240 240 0
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...
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