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Question 3 - list five hypothetical Big Joe's customers and for each provide a hypothetical reservation price. The reservations prices should range from $5 to

Question 3 - list five hypothetical Big Joe's customers and for each provide a hypothetical reservation price. The reservations prices should range from $5 to $30. Assuming the actual price of the pizza is $15, calculate consumer surplus.What is the level of sales?

Person Reservation Price
Aziza 5 $
Vartan 10 $
Abdullo 15 $
Charos 20 $
Umirbek 30 $

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Question 4 - Big Joe decides to celebrate his business anniversary by giving these customers a free pizza. What happened to consumer surplus?

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Question 5 - Finally, is Big Joe "creating value" at the original price of $15? You'll have to make some assumptions to answer this.Include these and your reasoning in your response.

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