ss Miserables, a satire of the more popular book Les Miserables, is required rea

Question

ss Miserables, a satire of the more popular book Les Miserables, is required reading at L'Academie de Mauvais Livres. Students, disgruntled that they have to buy another pricey book for their college English class, try to find it secondhand to save money. Students will buy a used copy as long as it generates a positive consumer surplus for them. Otherwise, they will instead get the $0.50 Precipice's Notes version which just briefly summarizes the book. The local bookstore sells used copies of Less Miserables for $25 Below is the demand schedule for used copies of Less Miserables for four students Potential Buver Willingness to Pay Calculate the individual consumer surplus for the following people if Francois Jacques for a Úsed Copy they buy a used book. Enter $0 for those who wouldn't purchase it Francois Jacques $42.00 $39.00 $25.00 $2.00 Number Number Joyce Felicia Joyce Felicia Which students will definitely buy the Precipice's Notes instead of the book? Number Number Francois Jacques Joyce In addition to Francois, Jacques, Joyce and Felicia, there are 25 other people in the class. Assume that these 25 students each have a willingness to pay of $30.00 for a used copy. What is the total consumer surplus of the entire class for used books? Felicia None of these 4 students Number

Explanation / Answer

Francois=42-25=17

Jacques=39-25=14

Joyce=25-25=0

Felica=0 as she will not buy any book at all as her valuation is less than price

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