Hand written solutions are strictly prohibited Table 7-3The only four consumers in a market have the following willingness to pay for a good:BuyerCarlosQuilana $25Willingness to PayWilbur $35$15Ming-la $45QuilanaRefer to Table 7-3. Who experiences the largest loss of consumer surplus when theprice of the good increases from $20 to $22?WilburMing-laAll three buyers experience the same loss of consumer surplus.

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Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1PA

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Hand written solutions are strictly prohibited

Table 7-3
The only four consumers in a market have the following willingness to pay for a good:
Buyer
Carlos
Quilana $25
Willingness to Pay
Wilbur $35
$15
Ming-la $45
Quilana
Refer to Table 7-3. Who experiences the largest loss of consumer surplus when the
price of the good increases from $20 to $22?
Wilbur
Ming-la
All three buyers experience the same loss of consumer surplus.

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