Consumer Surplus

The true value placed on a product or service is the value assigned by each individual. The consumer surplus is the difference between this value and the actual price paid for that product or service.

Almost everyone has an item they put a higher value on than the price warrants. They would rather pay a premium than to do without. The consumer surplus on these items is high. What items do you cherish the most? Why are you willing to pay more? Explain.

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