Suppose there are three buyers (A, B, and C) in a competitive market with the marginal benefit (MB) schedules like those shown in the table below. Calculate the consumer surplus using the market demand curve. Assume that the market price is $10. Show that you get the same answer by adding the consumer surplus for all three buyers. How much does consumer surplus increase for the market as a whole and for each individual when the market price falls to $8? 
Definitions:
Express Statements
Clearly articulated and directly communicated declarations or assertions.
Implied Warranty of Fitness
An assurance that a product will meet a buyer’s specified purpose when the seller knows the particular purpose for which the buyer will use the goods.
Survival Hike
An outdoor adventure aimed at testing or improving the skills necessary to survive in wilderness conditions.
Personal Injury
Physical or psychological harm to a person resulting from the negligence, recklessness, or intentional misconduct of another party.
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