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Suppose you are given the following information by your company's Office of Institutional Research from the last survey focus group: 

Consumer/Consumer's Maximum Valuation (Reservation Price) for One Unit of Our Product

=======================================================

Jack $1,200 ______________

Jill   400 ______________

Howard  2,000 ______________

Martha   700 ______________

Robert  1,900 ______________

Daniel   300______________

Jane   200______________

Alfie    50 ______________

Victor    30 ______________

Edward  1,500 ______________

If the market price of our company's product is $500 per unit, what is the consumer surplus for each individual listed above if/when they purchase one unit? Remember, consumer surplus cannot be negative. It can only be zero or positive.

Reference no: EM132285603

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