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Kate is willing to pay $12,000 a year in college tuition, but the market price for the courses she wants to take is only $8,000 a year
Kate is willing to pay $12,000 a year in college tuition, but the market price for the courses she wants to take is only $8,000 a year.
Her consumer surplus will be _________ over the course of one year.
Expert Solution
Computation of Consumer Surplus:
Given,
Willingness to Pay for College Tuition = $12,000
Actual Pay = $8,000
So,
Consumer Surplus = 12000 - 8000 = $4,000
Computation of Consumer Surplus:
Given,
Willingness to Pay for College Tuition = $12,000
Actual Pay = $8,000
So,
Consumer Surplus = 12000 - 8000 = $4,000
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