00:01
So, here in this question, in the first part, her willingness to pay is the maximum price she would be willing to pay for the iphone.
00:08
Now, since she got consumer surplus, since she got, she got consumer surplus, consumer surplus, consumer surplus of $160, of $160, we know that she would have been willing to pay, we know that she would have been, she would have been willing to pay, willing to pay, to pay at least, at least $240, $240 plus $160, that is $400 for the iphone.
00:56
Now, in second part of this question, here, if she had bought the iphone for the sale, on sale for $180, her consumer surplus would be her consumer, consumer surplus, her consumer surplus would be, would be $400 minus $180, that is $220...