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?0$150$450$600
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Solution 1

The consumer surplus is the difference between what Kelly was willing to pay and what she actually paid.

Step 1: Identify the amount Kelly was willing to pay. This is $600.

Step 2: Identify the amount Kelly actually paid. This is $450.

Step 3: Subtract the amount Kelly paid from the amount she w Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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