Question

Kat is willing to pay ?$880 for 22 bottles of grape wine. The market price of 12 bottles of grape wine is ?$360. Because of an increase in the price of? grapes, the price of grape wine increases to $420 for 12 bottles.

Kat's consumer surplus has (increased, decreased, or remained unchanged) by $____ because of an increase in the price of grapes.

A consumer has the following demand schedule for a grape wine bottle. Each? bottle's price is the same as the marginal benefit.

Quantity Demanded	Price ($)
1	200
2	170
3	150

Suppose the market price of a grape wine bottle in $160 per unit. Calcualte the consumer surplus and the consumer's total benefit.

Consumer suprlus is $___ and consumer's total benefit is $___

Answer 1