The following table shows Margaret's and Dennis's willingness to pay for Quantity of Cookies 2 Margaret will buy Dennis will buy Margaret cookies and her surplus is cookies and his surplus is $7 $13 $18 $21 Suppose that the price of cookies is $4.50. How many cookies will Margaret and Dennis buy? Calculate their consumer surplus. $23 Dennis $15 $25 $34 $42 $45

The following table shows Margaret's and Dennis's willingness to pay for Quantity of Cookies 2 Margaret will buy Dennis will buy Margaret cookies and her surplus is cookies and his surplus is $7 $13 $18 $21 Suppose that the price of cookies is $4.50. How many cookies will Margaret and Dennis buy? Calculate their consumer surplus. $23 Dennis $15 $25 $34 $42 $45

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1PA

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