What happens if you are willing to pay 80 to go to a concert

What happens if you are willing to pay $80 to go to a concert, but the ticket prices are only $50. How does this affect the producer and consumer surplus in markets? Provide a detailed response in paragraph form with at least three full paragraphs. Need a detailed response. eco

Solution

I will buy the ticket as the price of the ticket is less than my maximum willingness to pay for it. The consumer surplus here is:

max willingness - price = 80 - 50 = 30

The producer surplus depends on the minimum amount the producer is willing to get for the product.

It appears that sometimes we may have paid for an object than what it was worth. For example, I wanted a jacket and thought it was nice quality but it was ruined after one wash and I ended up paying more for what it was really worth for.