Business, 13.03.2020 04:56 eggyhz1980

A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
Required:
1. If the market price of grills is $300, given the scenario described, the total consumer surplus would be:
A) $200 B) $1,070 C) $170 D) None of these is true

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A market has four individuals, each considering buying a grill for his backyard. Assume that grills...

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