Suppose that the price of a donut is $1 each. lorena is willing to pay $2 for the first donut, ricky is willing to pay $1.80 for the second donut, jennifer is willing to pay $1.50 for the third donut, and betty is willing to pay $1.20 for the fourth donut. in equilibrium, what is the total consumer surplus from the consumption of donuts?

The answer is $2.5

Explanation:

First donut surplus

$2- $1= $1

Second donut surplus

$1.80 -$ 1= $0.80

Third donut surplus

$1.50 -$ 1= $0.50

Fourth donut surplus

$1.20 - $1= $0.20

Total surplus = $1 + $0.80 +$0.50 + $0.20 = $2.5

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