Question

Suppose that a consumer's total benefit is $4 for consuming one cup of ice cream and $7 for consuming two cups of ice cream. the consumer's willingness to pay for the second cup of ice cream is

Answer 1

consumers total benefit for consume one cup = $4
and $7 for second cup of ice cream
how much consumer will pay for second cup = ? = x
x = consumer money for second cup - consumer money for first cup
x = $7 - $4
x = $3
so, consumer's willingness to pay for the second cup of ice cream is $3.