Suppose the most you would be willing to pay to have a freshly washed car before going out on a date is $4.00. The smallest amount for which you would be willing to wash someone else's car is $2.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from washing it?

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A: * SOLUTION :-  Given that,

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A: Opportunity cost is the benefits of next best alternate that is sacrificed.

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A: *Definition of opportunity cost: Opportunity cost is the next best alternative foregone.

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A:

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A: Total surplus is the total economic surplus earned by different agents in the economy. Total surplus…

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Q: Question attached

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A: Willingness to pay = 10 $ Paid amount = 4 $ Consumer surplus = 10 – 4 = 6