Question

If you are willing to pay $3.15 per bag of lemons purchased at the grocery store but are required to pay only $2.15, you have gained consumer surplus . Part 2 (1 point)FeedbackSee Hint What is the actual amount of the difference between what you paid and what you would have paid

Answer 1

$1

Step-by-step explanation:

The consumer surplus is the amount which shows a difference between the willing to pay and the market price or required amount to pay

In mathematically,

The consumer surplus = Willing to pay - Market price or required amount to pay

= $3.15 - $2.15

= $1

This $1 reflects the gained amount of consumer surplus

Simply we applied the above formula so that the consumer surplus could come