|
Number of
Pairs
|
Marginal Benefit measured as
willingness to pay of:
|
|
Ann
|
Betty
|
Carol
|
|
First
|
$100
|
$80
|
$90
|
|
Second
|
20
|
40
|
30
|
|
Third
|
10
|
30
|
10
|
|
Fourth
|
5
|
10
|
2
|
|
Fifth
|
2
|
5
|
1
|
|
|
a) If the price of shoes is $15, how many pairs
will Ann buy?
|
|
|
a) If the price of shoes is $15, how many pairs
will Betty buy?
|
|
|
c) If the price of shoes is $15, how many pairs
will Carol buy?
|
|
|
d) If the price of shoes is $15, how many pairs of
shoes will be bought in total?
|
|
|
e) What will Ann's consumer surplus be at this
price? $
|
|
|
f) What will the total consumers' surplus be?
$
|
|
