Ivan has inherited his mother’s 1963 Chevrolet Corvette, which he values at $45,000. He decides that he might be willing to sell it, so he posts it on Craigslist for $55,000. Samantha is interested and willing to pay up to $72,000 for one. a. Ivan and Samantha are both willing to voluntarily engage in this exchange. b. How much economic surplus, if any, does Ivan gain from engaging in this exchange? $ 27000 c. How much economic surplus, if any, does Samantha gain from engaging in this exchange? $ -22000 d. How much total surplus, if any, is gained from this exchange? $

27000$

Explanation:

Economic surplus refers to two related quantities: consumer surplus and producer surplus. We can calculate the total economic surplus by adding producer surplus to Ivan and consumer surplus to samantha.

Producer surplus to Ivan = Amount received - willing to sell amount

Producer surplus to Ivan = 55000-45000

Producer surplus to Ivan = 10000

Consumer surplus to Samantha = willing to pay - Actual amount paid

Consumer surplus to Samantha = 72000 - 55000

Consumer surplus to Samantha = 17000

Economic surplus = Consumer + Producer surplus

Economic surplus = 10000+17000

Economic surplus = 27000$

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