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Suppose that in a competitive market for ukuleles, three buyers (Peter, Paul, and Mary) have the marginal benefit ( MB ) schedules below. Quantity MB

Suppose that in a competitive market for ukuleles, three buyers (Peter, Paul, and Mary) have the marginal benefit (MB) schedules below.

Quantity MBPeter ($) MBPaul ($) MBMary ($)
1 150 140 130
2 120 110 100
3 90 80 70
4 60 50 40
5 30 20 10

If the equilibrium price is $80, calculate the following:

The quantity purchased by each buyer.

The consumer surplus for each buyer.

The consumer surplus for the market as a whole.

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