Calculate consumer surplus from this transaction

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Consider a person A, who is extremely thirsty. His maximum willingness to pay chart is given below. Glasses of water Maximum willingness to pay 1st glass $10 2st glass $6 3st glass $3 4st glass $1 From his fifth glass onwards, A is not willing to pay any money. a) Construct A’s demand curve from the above information. (Put the # of glasses demanded on the x-axis, and the price of a glass of water on the y-axis.) b) Suppose the price charged for a glass of water is $4/glass. How many glasses will A buy? Calculate (and show in a graph) A’s consumer surplus from this transaction.

Reference no: EM131171080

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