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Suppose that in a competitive market for ukuleles, three buyers (Peter, Paul, and Mary) have the marginal benefit (MB) schedules below.
Quantity
MB-Peter ($)
MB-Paul ($)
MB-Mary ($)
1
150
140
130
2
120
110
100
3
90
80
70
4
60
50
40
5
30
20
10
If the equilibrium price is $80, calculate the following:
The quantity purchased by each buyer.
The consumer surplus for each buyer.
The consumer surplus for the market as a whole.
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Consider the following ?ve utility functions and assume that a and ß are positive real numbers:
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