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ECN437ConsumerSurplus - consumer surplus For consumers as a...

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ECN437 Consumer Surplus What a buyer would have been  willing to pay  minus the price she actually  paid. Someone who was willing to pay (however grudgingly) up to $500  for an airline ticket and who actually buys the ticket for $350 gets $150 of 
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Unformatted text preview: consumer surplus. For consumers as a whole, consumer surplus is the area between the demand curve, which shows willingness to pay, and the price they actually pay:...
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