Answer to Question #305374 in Microeconomics for Ria

Question

Suppose the market for watermelon can be described as the graph below . If Jon is willing to pay 8 dollars

Answer 1

Consumer surplus= $\frac{1}{2}\times Q \times (P_2-P_2)$

$\frac{1}{2}\times 6\times (8-5)$ = 9