Consider the information given in the table on four consumers in the market for
ID: 1113438 • Letter: C
Question
Consider the information given in the table on four consumers in the market for orange juice Highest Price Willing to Pay Consumer Jill Jose Josh Jordan $4 If the price of a bottle of orange juice is S0.75, the total consumer surplus received by these consumersis (Enter your response rounded to two decimal places.) Suppose the price of a bottle of orange juice rises to $1.50 Once the price of a bottle of orange juice rises to $1.50, the total consumer surplus received by these consumers is $ (Enter your response rounded to two decimal places.)Explanation / Answer
consumer surplus received when price is 0.75
=(4+3+2+1)-0.75*4
=7
consumer surplus received when price is 1.50
=(4+3+2+1)-1.50*4
=4
the above is the answer