Kyra buys an iPhone for $240 and gets consumer surplus of $160. a. What is her willingness

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Kyra buys an iPhone for $240 and gets consumer surplus of $160.

a. What is her willingness to pay?

b. If she had bought the iPhone on sale for $180, what would her consumer surplus have been?

c. If the price of an iPhone were $500, what would her consumer surplus have been?

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Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

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Question Posted: Jan 27, 2024 11:01 PM

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Kyra buys an iPhone for $240 and gets consumer surplus of $160. a. What is her willingness

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a The willingness to pay can be calculated as the sum of the price paid and the consumer su...View the full answer

Principles Of Microeconomics

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