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Use this information for a product with a market price of $60 to calculate the consumer surplus of each unit. Total consumer surplus is...

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Final answer:

Consumer surplus is the benefit consumers receive from purchasing a product at a price lower than their willingness to pay. To calculate it, subtract the market price from consumers' willingness to pay for each unit.

Step-by-step explanation:

Consumer surplus represents the benefit that consumers receive when they are able to purchase a product at a price lower than what they were willing to pay. To calculate the consumer surplus for each unit, you need to subtract the market price from the highest price each consumer was willing to pay. In this case, if the market price is $60, you would subtract $60 from each consumer's willingness to pay for that unit and sum up the differences for all units sold.

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