A consumer's maximum willingness to pay for successive packets of milk in a retail market is given in the schedule below:
| Unit of Milk | Maximum Willingness to Pay (₦) |
|---|---|
| 1st | 500 |
| 2nd | 400 |
| 3rd | 300 |
| 4th | 200 |
| 5th | 100 |
If the market price of a packet of milk is fixed at ₦200, what is the total consumer surplus (in Naira) enjoyed by the consumer when purchasing 4 packets?
Cevap: 600 Naira
Cevap
The total consumer surplus enjoyed by the consumer is 600 Naira.
Total willingness to pay for the 4 packets of milk is Naira. The actual total expenditure for 4 packets at the uniform market price of 200 Naira is Naira. Subtracting the actual total expenditure from total willingness to pay gives a consumer surplus of Naira.
Adım Adım Çözüm
Anahtar Kavram
Consumer Surplus is the difference between the maximum total amount a consumer is willing to pay for a commodity and the actual total amount paid at the prevailing market price.
Tahmini Süre:1m 30s