Question

When the Jones were shopping for their present home, the asking price from the previous owner was $375,000.00. The Jones had decided they would pay no more than $365,000.00 for the house. After negotiations, the Jones actually purchased the house for $350,000.00. They, therefore, enjoyed a consumer surplus of

Answer 1

$15,000

Step-by-step explanation:

Calculation to determine the consumer surplus

Consumer surplus=$365,000.00-$350,000.00

Consumer surplus=$15,000

They, therefore, enjoyed a consumer surplus of $15,000