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Consumer-consumer maximum valuation

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Reference no: EM132284380

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: EM132284380

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