Refer to Table 7-14. How much is total consumer surplus at the equilibrium price in this market?

Consumer Surplus

The contrast between the intended financial outlay of consumers on a good or service and the payment they ultimately make.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied.

Apprehend the concept of consumer surplus and its calculation methodology at the point where the market is balanced.

Verified Answer

Final Answer :

Total consumer surplus at the equilibrium price is $45.

Learning Objectives

Apprehend the concept of consumer surplus and its calculation methodology at the point where the market is balanced.