Arthur buys a new cell phone for $150. He receives consumer surplus of $150 from the purchase. What value does Arthur place on his cell phone

$300

Explanation:

Customer surplus may be explained as the additional benefit a customer earns over and above the amount paid. In other words, the amount paid is less than the amount customer is willing to pay for a certain product, hence. The additional benefit derived from paying less is the consumer surplus.

Therefore ;

Consumer surplus = Value - amount paid

From the question :

Consumer surplus = $150

Amount paid = $150

Hence,

Value = Consumer surplus + Amount paid

Value = $150 + $150

Value = $300

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

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