Consumer surplus and its applications - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2010

If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is

A. N1.50
B. N0.40
C. N1.00
D. N2.00

Question 7:

• JAMB 2011

A consumer surplus measures the

A. Benefits derived from consuming a cheap commodity
B. Excess of total expenditure over total uility
C. Difference between marginal utility and marginal cost
D. Excess of marginal utility over price