Suppose gail is willing to pay $89 for a new pair of shoes and karen is willing to pay $60. what is the gain in total consumer surplus if the price of the shoes falls from $70 to $50?

Respuesta :

When answering a question on consumer surplus, follow similar steps as if it were a triangle from geometry class. 1/2 (base)(height).

The consumer surplus if the price of the shoe falls from $70 to $50 is $30

The consumer surplus is defined as a measure that people gain from purchasing a good or service.