JAMB - Economics (2010 - No. 11)
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
N1.50
N0.40
N1.00
N2.00
Explanation
Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay.
consumer surplus = 120 - 80 = 40
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