Question

Melissa buys an iPhone for $240 and gets consumer surplus of $160​

Answer 1

Answer:

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Answer 2

Answer:

Explanation of Solution

Here, the price of the phone that she has bought is given as $240 and the consumer surplus that she received from the purchase of the phone is $160. We all know that the consumer surplus is the difference between the maximum willing to pay price and the actual price that the consumer pays. Thus, in order to calculate the maximum willing to pay price of the consumer, we can add the actual price and the consumer surplus together as follows:

Consumer surplus=