What is the total consumer surplus in the market

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Reference no: EM131181983

Suppose the maximum willingness to pay for a new iPhone by the different consumers in a market is given in the table below

a. If the price of iPhones is $420, how many iPhones will be sold?

b. What is the total consumer surplus in the market?

c. Suppose the price of iPhones decreases to $390. Now how many iPhones will be sold? What is the new consumer surplus?

Reference no: EM131181983

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