Gary Parker is willing to pay $700 for a new iPad. Apple (the producer of iPads) is selling a new iPad for $600. It costs Apple $400 to produce this iPad. How much economic surplus does Apple receive if Gary purchases this iPad? $700 $200 $600 $100

Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter11: Marketing And Distribution
Section: Chapter Questions
Problem 20AA
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Gary Parker is willing to pay $700 for a new iPad. Apple (the producer of iPads) is selling a
new iPad for $600. It costs Apple $400 to produce this iPad. How much economic surplus
does Apple receive if Gary purchases this iPad?
$700
$200
$600
$100
Transcribed Image Text:Gary Parker is willing to pay $700 for a new iPad. Apple (the producer of iPads) is selling a new iPad for $600. It costs Apple $400 to produce this iPad. How much economic surplus does Apple receive if Gary purchases this iPad? $700 $200 $600 $100
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