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A college students loves to eat chicken wings! The table below shows just how much she is willing to pay for a chicken wing.
Number of Wings Willingness to Pay (Per wing)
1 $5
2 $4
3 $3
4 $2
5 $ 1
6 $0
If one chicken wing costs $3 (expensive, I know) how many wings will this college student buy?
How much consumer surplus will this college student get to enjoy? But not to the point where they experience a loss in consumer surplus.
But the chicken wing place decides to have a sale, and the price of a chicken wing is now $2. How many wings will this college student now buy?
How much consume surplus will this college student get to enjoy? But not to the point where they experience a loss in consumer surplus?
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