Question

You paid $25 for a concert ticket and received a consumer surplus of $10. you were willing to pay $:_______

Answer 1

The consumer was willing to pay $35 for the concert ticket, which is the total of the actual price paid ($25) and the consumer surplus ($10).

Step-by-step explanation:

Consumer surplus is the difference between what a consumer is willing to pay for a good or service and what they actually pay. In this case, you paid $25 for a concert ticket and received a consumer surplus of $10. Therefore, your willingness to pay, which is the sum of what you actually paid and your consumer surplus, would be $25 + $10 = $35. You were willing to pay $35 for the concert ticket.