Gail is willing to pay $89 for a new pair of shoes and Karen is willing...
Gail is willing to pay $89 for a new pair of shoes and Karen is willing to pY $60. What is the gain in total consumer surplus if the price of the shoes falls from $70 to $50?
A. $10
B. $19
C. $29
D. $30
Homework Answers
Initial consumer surplus = (89-70) = 19
Now karen will also buy as price is now less than his willingness to pay.
New consumer surplus = (89-50) + (60-50) = 49
Increase in consumer surplus = 49-19= 30
D. $30
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