Circle the letter of the one answer that you think is correct or closest to corr
ID: 2441685 • Letter: C
Question
Circle the letter of the one answer that you think is correct or closest to correct Use the following to answer questions Table: Consumer Surplus and Phantom Tickets Student Willingness to Pay essica acquelyn Brad Robert Gwen $150 125 105 60 25 1. (Table: Consumer Surplus and Phantom Tickets) The table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom of the Opera ticket. Assume that each student wants to buy one ticket. If the box office price of a ticket to see Phantom of the Opera is $130 and there is no other market for tickets, the total consumer surplus for the five students is: A) $150 B) $125 C) $20 D) S0 2. We can measure total consumer surplus for good X as A) B) C) D) the sum of the individual consumer surpluses for all buyers of X the area above the demand curve for X and below the price of X the area bounded by the demand curve for X and the two axes the area above the supply curve for X 3. Ashley bought a new pair of jeans. When she walked out of the store, she thought, "I got such a great deal; I would have paid S40 more for these jeans!" This best represents the concept of. A) consumer surplus. B) producer surplus C) total surplus. D equilibrium.Explanation / Answer
1) The price is 130 so only Jessica will buy. Hence her consumer surplus is 150 - 130 = 20. Select C
2) Total consumer surplus is the sum of individual consumer surplus. Select A
3) It is the consumer surplus because it shows the amount of money she has saved below her willingess to pay. Select A.