Mark and Rasheed Are at the Bookstore Buying New Calculators

question 189

Essay

Mark and Rasheed are at the bookstore buying new calculators for the semester.Mark is willing to pay
$75 and Rasheed is willing to pay $100 for a graphing calculator.The price for a calculator at the bookstore is $65.How much is total consumer surplus?
A.$10
B.$35
C.$45
D.$60

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Definitions:

Token Money

Money whose face value exceeds its cost of production, typically involving coins and paper money not backed by a commodity.

Legal Tender

The coins or banknotes that must be accepted if offered in payment of a debt.

Debit Cards

Plastic cards issued by banks that allow cardholders to transfer money electronically from their bank account when making a purchase.

Grace Period

A set period of time after the due date during which payment can be made without penalty.