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

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

Consumer Surplus is the difference between the price that consumers pay and the price that they are willing to pay.

consumer surplus = 120 – 80 = 40

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