16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)

16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

16. The graph shows the market for sandwiches, and the consumer
surplus and producer surplus.
18.00-
Price (dollars per sandwich)
What is total surplus?
Total surplus is $
If the quantity demanded of sandwiches decreases by 120 an hour
at each price, the demand curve shifts leftward from Do to D₁.
Draw a point at the new equilibrium price and equilibrium quantity.
Draw a shape to show the new producer surplus and label it PS.
Draw a shape to show the new consumer surplus and label it CS.
By how much does total surplus change when demand decreases?
16.00
14.00-
12.00-
10.00-
8.00-
6.00-
4.00-
2.00-
Total surplus (1)
by $
S
D
0.00
0 30
60 90 120 150 180 210 240 270
Quantity (sandwiches per hour)
Price (dollars per sandwich)
18.00-
16.00-
S
14.00-
12.00-
10.00-
8.00-
6.00-
4.00-
2.00-
D₁
Do
0.00
0
30
60 90 120 150 180 210 240 270
Quantity (sandwiches per hour)

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Step 5: Calculate the change in total surplus:

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