Refer to the table below If the six people listed in the tab

Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $10, how much consumer surplus will the market generate? | Consumer Surplus Willing to Pay $15 14 13 12 (Equilibrium Price) $10 10 10 10 10 10 Barb Bil Brent Betty 10 Instructions: Enter your answer as a whole number Total consumer surplus: $ : 10

Solution

Answer (1)
Consumer surplus=sum of (maximum willingness to pay - Price)
=5+4+3+2+1
=15
The consumer surplus in the market is $15.