Reference no: EM132349958

Assignment: Chapter 4a: In our everyday lives as consumers we purchase many goods and services, and we derive consumers' surplus for most of them. With that in mind, please:

Identify 3 goods or services you have purchased in the last year, and estimate the amount of consumer surplus you enjoy from those purchases. For each good, please state specifically:

1. The highest amount you would have been willing to pay.

2. The price you actually paid.

3. The amount of consumers' surplus you received from each item.

Helpful tips: Be sure to state exactly the highest price you would have been willing to pay, and the price you actually paid. The difference between these two is your consumer's surplus. There are different phrases you can use to communicate the highest price you were willing to pay, but note that the following are incorrect:

1. The price you were willing to pay. Just because you were willing to pay $20 for a good, doesn't mean this is the highest you were willing to pay.

2. The price you expected to pay. Again, this is not necessarily the highest price you were willing to pay.

Chapter 4b: We are about one quarter of the way through the course. How is it going for you? Are your grades where you want them to be? If not, what can you do to remedy the situation? If you want a different result, it is imperative that you change your strategy.