### Break Down the Problem
1. Define Consumer Surplus: It is the difference between what a consumer is willing to pay and what they actually pay for a good.
2. Identify the values:
- Willingness to pay: $600
- Actual payment: $450

### Relevant Concepts
The formula for consumer surplus (CS) can be represented as:

$$
CS = \text{Willingness to Pay} - \text{Actual Payment}
$$

### Analysis and Detail
1. Substitute the values into the formula:
- Willingness to Pay = $600
- Actual Payment = $450
- Thus, Consumer Surplus:

$$
CS = 600 - 450
$$

### Verify and Summarize
1. Perform the calculation:
- $ 600 - 450 = 150 $

### Final Answer
The consumer surplus is **$150**.

Question

### Break Down the Problem
1. Define Consumer Surplus: It is the difference between what a consumer is willing to pay and what they actually pay for a good.
2. Identify the values:
   - Willingness to pay: $600
   - Actual payment: $450

### Relevant Concepts
The formula for consumer surplus (CS) can be represented as:

$$
CS = \text{Willingness to Pay} - \text{Actual Payment}
$$

### Analysis and Detail
1. Substitute the values into the formula:
   - Willingness to Pay = $600
   - Actual Payment = $450
   - Thus, Consumer Surplus:

$$
CS = 600 - 450
$$

### Verify and Summarize
1. Perform the calculation:
   - $ 600 - 450 = 150 $

### Final Answer
The consumer surplus is **$150**.

Knowee AI · Accepted Answer

### Break Down the Problem
1. Define Consumer Surplus: It is the difference between what a consumer is willing to pay and what they actually pay for a good.
2. Identify the values:
   - Willingness to pay: $600
   - Actual payment: $450

### Relevant Concepts
The formula for consumer surplus (CS) can be represented as:

$$
CS = \text{Willingness to Pay} - \text{Actual Payment}
$$

### Analysis and Detail
1. Substitute the values into the formula:
   - Willingness to Pay = $600
   - Actual Payment = $450
   - Thus, Consumer Surplus:

$$
CS = 600 - 450
$$

### Verify and Summarize
1. Perform the calculation:
   - $ 600 - 450 = 150 $

### Final Answer
The consumer surplus is **$150**.

Suppose Kelly pays $450 for a washing machine that they were willing to pay $600 for. What is their consumer surplus?0$150$450$600

Question

Suppose Kelly pays $450 for a washing machine that they were willing to pay$ 600 for. What is their consumer surplus?

Solution