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What is consumer surplus

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The demand for slices of bread is given by: QD = 50 - 100P. Slices of bread, however, are only sold as a loaf. Each loaf of bread contains 20 slices. If a loaf costs $2.00, how many loaves will be transacted and what is consumer surplus?

  • 3 loaves (60 slices) will be transacted. Consumer surplus is $6.50.
  • 2 loaves (40 slices) will be transacted. Consumer surplus is $8.
  • 2.45 loaves (49 slices) will be transacted. Consumer surplus is $12.005.
  • 3 loaves (60 slices) will be transacted. Consumer surplus is $12.50.

Reference no: EM132313040

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