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This table show's five possible buyers willingness to pay for a particular good Buyer Willingness to pay ($) for each unit Catherine $15.00 Joshua $11.00

This table show's five possible buyers willingness to pay for a particular good

Buyer Willingness to pay ($) for each unit

Catherine $15.00

Joshua $11.00

James $9.50

Jesus $6.00

Sandra $4.50

Question A: Let the market price under perfect competition is $3.00, calculate the total consumer surplus in the market

Question B: Assuming that the seller of the good is a monopolist, and he knows each person's willingness to pay. Further a seller incurs marginal cost, that is, 3 ($) per unit which remains constant. If each person has a unit demand and a monopolist decides to discriminate the price (in particular, the first-degree price discrimination) what will be the consumer and producer surpluses?

Question C: Comparing your answers from (a) and (b), discuss the implications of having market power

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