Rupert really loves pizza, but he eventually tires of it. The table below shows the highest price
Question:
Pizza Rupert's Willingness to Pay
First…………………………….$18
Second …………………………$16
Third…………………………...$13
Fourth………………………..…$9
Fifth…………………………….$4
Sixth…………………………….$0
a. Suppose Rupert were to eat five pizzas per week. What is the total value Rupert would place on his five weekly pizzas?
b. If the market price is $10 per pizza, how many pizzas will Rupert buy and eat per week?
c. If the market price is $10 per pizza, what is the weekly consumer surplus that Rupert gets from eating pizza?
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a The sum ofRuperts willingness to pay for the first five ...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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