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Consumer surplus
Consider figure, which is reproduced below.
a) What is the total willingness to pay for 30 wolves of person 1 according to this figure?
(i) Compute an approximation using "blocks" of 10 wolves (ii) Compute an exact value by finding the total area under person 1's demand curve (iii) How big was the error in the approximation of part (i)?
b) What is the exact total willingness to pay for 20 wolves for person 1 and 2 together?
(i) First, answer this question by computing the individual total willingness to pay for each person, then adding them up
(ii) Second, answer the question by directly using the total demand curve to compute total willingness to pay
(iii) Do you get the same answer in (i) and (ii)?
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