Final answer:
The willingness to pay for the iPhone can be calculated by subtracting the consumer surplus from the price.
Step-by-step explanation:
The willingness to pay can be determined by subtracting the consumer surplus from the price of the iPhone. In this case, Kris bought the iPhone for $240 and had a consumer surplus of $160. Therefore, his willingness to pay can be calculated as:
Willingness to Pay = Price - Consumer Surplus
Willingness to Pay = $240 - $160 = $80
So, Kris' willingness to pay for the iPhone is $80.