15. (LO 5 (@) ) Suppose that Figure 5.11 ( depicts the demand for grape oil, which can be purchased in any quantities and sold
15. (LO 5 (@) ) Suppose that Figure 5.11 ( depicts the demand for grape oil, which can be purchased in any quantities and sold at any price. $6 A Price per litre w N 100 200 300 400 500 600 700 Quantity per period FIGURE 5.11 a) What is the total consumer surplus if the price per litre is $4? b ) What is the total consumer surplus if the price per litre is $2? (Hint: Area of a triangle?)
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