Russell is a coffee connoisseur. His total benefit from consuming different quantities of  coffee is given in the table below:  Coffee Total benefit ($)0 01 10.002 16.003 21.004 24.005 26.006 27.007 27.50 In a competitive market where the price of coffee is $2.50, what is the value of Russell’s consumer surplus?

To calculate the consumer surplus, we first need to understand what it is. Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (i.e., the total benefit) and the total amount that they actually do pay (i.e., the market price).

Here's how to calculate Russell's consumer surplus:

1. Identify the quantity of coffee Russell will consume at the market price. Since the price of coffee is $2.50, Russell will consume up to the quantity where his total benefit is equal to or greater than the price. Looking at the table, Russell will consume up to 4 cups of coffee, because the total benefit of the 5th cup ($26.00) is not greater than the cost of 5 cups of coffee ($2.50 * 5 =$12.50).

2. Calculate the total amount Russell is willing to pay for this quantity. This is the total benefit of 4 cups of coffee, which is $24.00.

3. Calculate the total amount Russell actually pays for this quantity. This is the market price of coffee ($2.50) times the quantity consumed (4), which equals$10.00.

4. Subtract the total amount paid from the total benefit to find the consumer surplus. So, $24.00 -$10.00 = $14.00.

Therefore, Russell's consumer surplus is $14.00.

To calculate the consumer surplus, we need to find the difference between what Russell is willing to pay (his total benefit) and what he actually pays for each quantity of coffee.

1. At a price of $2.50, Russell will buy coffee up to the point where his total benefit is equal to or greater than the price. Looking at the table, we can see that Russell will buy up to 5 cups of coffee, as the total benefit of the 6th cup ($27.00) is less than the cost of buying 6 cups ($2.50 * 6 =$15.00).

2. Now, we calculate the total benefit Russell receives from consuming 5 cups of coffee, which is $26.00.

3. Next, we calculate how much Russell actually pays for these 5 cups of coffee. At a price of $2.50 per cup, Russell pays$2.50 * 5 = $12.50.

4. Finally, we subtract what Russell pays from his total benefit to find his consumer surplus. So, $26.00 -$12.50 = $13.50.

Therefore, Russell's consumer surplus is $13.50.