Juanita purchased a Polar Express train set from Lionel Trains. She paid $240 for the set and received consumer surplus of $125. What was Juanita's willingness to pay for the train set?

Juanita's willingness to pay for the train set is $365

Explanation:

given data

paid = $240

surplus = $125

to find out

Juanita's willingness to pay for the train set

solution

we get here Juanita's willingness to pay for the train set is express as

pay for the train set = amount paid + consumer surplus amount ... 1

put here value and we get

pay for the train set = $240 + $125

pay for the train set = $365