When you are willing to pay $5 for a hamburger but you pay $4 for it, your consumer surplus for the hamburger is:?

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11-09-2017
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When you are willing to pay $5 for a hamburger but you pay $4 for it, your consumer surplus for the hamburger is:?

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W0lf93 W0lf93 · Answer 1 · 2017-09-23T14:00:05+02:00

W0lf93 W0lf93

23-09-2017

$1. A "consumer surplus" is the difference between what a customer is WILLING to pay and what they ACTUALLY pay. You are willing to pay $5 on a hamburger, but you only spend $4. There is a difference between what you would've paid and what you did pay -- meaning, the difference between five dollars and four dollars. 5 minus 4 is 1. The consumer surplus is one dollar.

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