https://file.aiquickdraw.com/mathbot/file/1729320400981kimjwifw.jpg

Let's go over each question from the image.

### First Question:
It asks about who would be willing to purchase a product priced at **$25**, given the willingness to pay of the buyers:

| Buyer   | Willingness to Pay |
|---------|--------------------|
| Mike    | $50                |
| Evan    | $35                |
| Jonathan| $27                |
| Haley   | $19                |

To answer, only buyers whose willingness to pay is **equal to or greater** than the product price would purchase it. The product price is **$25**:

- **Mike**: Willing to pay $50, so he will buy.
- **Evan**: Willing to pay $35, so he will buy.
- **Jonathan**: Willing to pay $27, so he will buy.
- **Haley**: Willing to pay $19, so she will not buy, as $19 is less than $25.

Thus, **Mike, Evan, and Jonathan** will purchase the product. The correct answer is:
- **Mike, Evan, and Jonathan**.

---

### Second Question:
It asks to find which statement is **NOT correct** based on a table of willingness to pay:

| Buyer   | Willingness to Pay |
|---------|--------------------|
| David   | $8.00              |
| Laura   | $7.00              |
| Ty      | $5.50              |
| Mallory | $4.00              |
| Audrey  | $3.50              |

Now, let's go through the provided options:

1. **At a price of $9.00, no buyer is willing to purchase the good.**
   - True: All buyers have a willingness to pay less than $9.00, so no one will buy.
   
2. **At a price of $7.50, the consumer surplus for Laura is $0.50.**
   - True: Laura's willingness to pay is $7.00, and if the price is $7.50, Laura won't buy, and her consumer surplus is $0. (This statement suggests surplus, but Laura won't buy. Hence, this seems incorrect.)

3. **When the price is $3.00, each person would receive consumer surplus.**
   - True: Since all buyers have a willingness to pay greater than $3.00, each would get consumer surplus.

4. **At a price of $4.00, total consumer surplus in the market will be $8.50.**
   - True: Let’s calculate:
     - David: $8.00 - $4.00 = $4.00
     - Laura: $7.00 - $4.00 = $3.00
     - Ty: $5.50 - $4.00 = $1.50
     - Mallory: $4.00 - $4.00 = $0.00
     - Audrey wouldn't buy since her willingness is below $4.00.
     - Total consumer surplus: $4.00 + $3.00 + $1.50 = **$8.50**.

Hence, the **second statement** is incorrect, as Laura wouldn’t buy at a price of $7.50. The correct answer is:
- **At a price of $7.50, the consumer surplus for Laura is $0.50.**

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Do you want more details or have any questions?

Here are five questions to deepen your understanding:
1. What is consumer surplus and how is it calculated?
2. How would changing the price to $20 in the first scenario affect the buyers' decision?
3. What happens to total consumer surplus if the price is set at $2.00 in the second scenario?
4. Can willingness to pay ever exceed the product's value? Why or why not?
5. How would the market equilibrium be affected if a new buyer entered with a willingness to pay of $30 in the first question?

**Tip:** To maximize consumer surplus, always compare willingness to pay with the market price to decide who benefits most.

Refer to the table. If the table represents the willingness to pay of 4 buyers and the price of the product is $25, who would be willing to purchase the product?

Explore a real-life example of how consumer surplus is calculated based on the willingness to pay of different buyers when the product price is $25. This problem is suitable for high school economics students and covers key concepts such as market price and willingness to pay.

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