PRINCIPLE ECONOMIC HW (Consumer Surplus) Question 1 : Your company is planning to sell the closeout inventory on hand. It has a total of 10 Lots inside your warehouse. The original price is $10,000. The starting bid price is $1,000. BUYER WILLINGNESS TO PAY Cindy $3,000 Tom 2,500 Jerry 2,000 David 1,500 Tom, Jerry and David does not want to pay more than their bidding price. The highest bid price of 10 lots is $2,300. What is Cindy Consumer Surplus? Please draw a diagram and briefly to describe it.

Question 2: If your company has a total of 8 lots of closet out inventory, it allows to bidder to share 4 lots each. The highest bid price of 8 lots is $2,200. What is consumer surplus for Cindy and Tom. Please draw a diagram and briefly to describe it.