Scenario 12-1 Suppose Jim and Joan Receive Great Satisfaction from Their Consumption

question 131

Multiple Choice

Scenario 12-1
Suppose Jim and Joan receive great satisfaction from their consumption of cheesecake.Joan would be willing to purchase only one slice and would pay up to $6 for it.Jim would be willing to pay $9 for his first slice,$7 for his second slice,and $3 for his third slice.The current market price is $3 per slice.
-Refer to Scenario 12-1.How much total consumer surplus do Joan and Jim collectively receive from consuming cheesecake?

• A) $3
• B) $6
• C) $9
• D) $13

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Definitions:

Cognitive Appraisal

The process by which an individual evaluates and interprets a situation, influencing their emotional and psychological response to it.

Lazarus

Refers to Richard Lazarus, a psychologist who developed the cognitive-mediational theory which suggests that our emotional experience is influenced by our perceptions and evaluations of an event.

Understanding Emotion

The cognitive process of identifying and making sense of one's own feelings and the emotions of others.

Amygdala

A part of the brain involved in experiencing emotions, particularly those related to survival, such as fear and aggression.