Problem
Determine the amount of consumer surplus generated in each of the following situations.
a. Leon goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. When he is paying for it, he learns that the T-shirt has been discounted by 50%.
b. Alberto goes to the music store hoping to find a used copy of Nirvana's Nevermind for up to $10. The store has one copy selling for $10, which he purchases.
c. After soccer practice, Stacey is willing to pay $2 for a bottle of mineral water. The 7-Eleven sells mineral water for $2.25 per bottle, so she declines to purchase it.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.