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Suppose the maximum willingness to pay for a new iphone by

Question: Suppose the maximum willingness to pay for a new iPhone by the different consumers in a market is given in the table below

Consumer Maximum willingness to pay

#1 $550

#2 $530

#3 $490

#4 $440

#5 $420

#6 $370

#7 $350

#8 $310

a. If the price of iPhones is $420, how many iPhones will be sold?

b. What is the total consumer surplus in the market?

c. Suppose the price of iPhones decreases to $390. Now how many iPhones will be sold? What is the new consumer surplus?

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Mathematics: Suppose the maximum willingness to pay for a new iphone by

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