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A college student enjoys drinking hand-crafted ginger beer Her willingness to pay for each bottle is shown in the following table
Number of bottles Willingness to pay (per bottle)
1 $5
2 $4
3 $3
4 $2
5 $1
6 $0
1
If a bottle of hand-crafted ginger beer costs $4, how many bottles will the student buy?
~~~ bottles of hand-crafted ginger beer
How much consumer surplus will she enjoy? Assume that the student will purchase bottles up to, but not including, the point at which she incurs a loss of consumer surplus
~~$ in consumer surplus
2
If the price of a bottle falls to $3, how many bottles of hand-crafted ginger beer will she buy?
~~~ bottles of hand-crafted ginger beer
How much consumer surplus will she enjoy? Assume that the student will purchase bottles up to, but not including, the point at which she incurs a loss of consumer surplus
~~$ in consumer surplus
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