A cup of Starbucks Macchiato will cost you almost $6, and a similar cup at McDonald will cost about $3. The exotic Indonesian Civet Coffee will cost at least $25 per cup. What is the most that you are willing to pay for a cup? Is it worth to pay more? Do you have any consumer surplus on this consumption?

A cup of Starbucks Macchiato will cost you almost $6, and a similar cup at McDonald will cost about $3. The exotic Indonesian Civet Coffee will cost at least $25 per cup. What is the most that you are willing to pay for a cup? Is it worth to pay more? Do you have any consumer surplus on this consumption?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 10E

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