Alex's favorite soccer team is Manchester United. When the last new Manchester United jersey became available...

Alex's favorite soccer team is Manchester United. When the last new Manchester United jersey became available for sale to the public, Alex was willing to pay $90 for it. However, he was able to buy one for a price of $40. Based on this information, how much consumer surplus did Alex receive from his purchase of the jersey?

Expert Solution

As you can see, Alex was willing to pay $90 for the same jersery he was able to buy for a price of $40 which means he saved $50( $90-$40). This $50 is also the consumer surplus for Alex because the consumer surplus is the difference between what the consumer is willing to pay($90) and what he actually pays($40).

Rahul Sunny answered 2 years ago

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