If the actual market price of potato chips is 250 and steve, Econometrics

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If the actual market price of potato chips is 250 and steve

Steve loves potato chips. His weekly demand curve is shown in the following exhibit.

a. How much is Steve willing to pay for one bag of potato chips?

b. How much is Steve willing to pay for a second bag of potato chips?

c. If the actual market price of potato chips is $2.50 and Steve buys five bags as shown, what is the value of his consumer surplus?

d. What is Steve's total willingness to pay for five bags?

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Econometrics: If the actual market price of potato chips is 250 and steve

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Econometrics: If the actual market price of potato chips is 250 and steve

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