1.      Using the information below about individuals and their willingness to pay for a bottle of ginger ale, calculate the...

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1.      Using the information below about individuals and their willingness to pay for a bottle of ginger ale, calculate the total consumer surplus at a market price of $5.

 

 

Maximum amount a buyer would pay for ginger ale

Scott

$10

Dennis

$4

Greg

$8

Dave

$7

Mike

$5

 

 

 

Using the information below about willingness to supply ginger ale, calculate the total producer surplus at a market price of $5.

 

 

Marginal cost of producing ginger ale

Gene

$6

Brandon

$3

Matt

$2

Cooper

$11

Jed

$5

 

 

 

How do your answers change if the price falls to $2?

 

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