Question

+=$(3-1-8 , £$1:21 Total money that Mary has ( 2x 1.8 +12 3.6 +2.ua Mary is willing to buy one widget during a year if the price per unit were $ 10, two widgets if the price per unit were $9. three widgets if the price per unit were $8 and so on up to ten widgets if the price per unit were $1. What is her con surplus obtained from widgets if the price per unit is $47 Show all work. (7 points).

Answer 1

Demand schedule-

Price	Widget Demanded
1	10
2	9
3	8
4	7
5	6
6	5
7	4
8	3
9	2
10	1

Consumer suplus is the price that consumer is willing to pay- price they actually pay at each unit of widget.

Price actually paid =$4

Consumer surplus= (10-4)+(9-4)+(8-4)+(7-4)+(6-4)+(5-4)+(4-4)= 6+5+4+3+2+1+0= $21

Consumer surplus= $21

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