Based on the information on the previous graph, you can tell that, consumer surplus in this market will be $ Suppose the market price of a VR headset increases to $50. will buy VR headsets at the given market price, and total On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at the new market price: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. (Note: If a person will not purchase a VR headset at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 50 Manuel 70 60 50 30 20 10 Poornima Shen Valerie Antonio Manuel Market Price Poornima Shen Valerie 2 3 4 5 6 s Antonio QUANTITY (VR headsets) (?) Based on the information in the second graph, when the market price of a VR headset increases to $50, the number of consumers willing to buy a VR headset , and total consumer surplus to $ to 3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $30. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $30. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 80 Manuel 70 60 50 30 10 Poornima Shen Manuel Poornima Market Price Shen Valerie Antonio Valerie ° 2 3 4 5 7 8 Antonio QUANTITY (VR headsets) ? Based on the information on the previous graph, you can tell that will buy VR headsets at the given market price, and total 3 Tempe

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
Problem 6TY
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Based on the information on the previous graph, you can tell that,
consumer surplus in this market will be $
Suppose the market price of a VR headset increases to $50.
will buy VR headsets at the given market price, and total
On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to
purchase a VR headset at the new market price: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond
symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. (Note: If a person will not purchase a VR headset at the
new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
PRICE (Dollars per VR headset)
50
Manuel
70
60
50
30
20
10
Poornima
Shen
Valerie
Antonio
Manuel
Market Price
Poornima
Shen
Valerie
2
3
4
5
6
s
Antonio
QUANTITY (VR headsets)
(?)
Based on the information in the second graph, when the market price of a VR headset increases to $50, the number of consumers willing to buy a VR
headset
, and total consumer surplus
to $
to
Transcribed Image Text:Based on the information on the previous graph, you can tell that, consumer surplus in this market will be $ Suppose the market price of a VR headset increases to $50. will buy VR headsets at the given market price, and total On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at the new market price: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. (Note: If a person will not purchase a VR headset at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 50 Manuel 70 60 50 30 20 10 Poornima Shen Valerie Antonio Manuel Market Price Poornima Shen Valerie 2 3 4 5 6 s Antonio QUANTITY (VR headsets) (?) Based on the information in the second graph, when the market price of a VR headset increases to $50, the number of consumers willing to buy a VR headset , and total consumer surplus to $ to
3. Consumer surplus for a group of consumers
The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado.
The Mead market price of a VR headset is given by the horizontal black line at $30.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Manuel, green
(triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. Use the
rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of
$30. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the
palette.)
PRICE (Dollars per VR headset)
80
Manuel
70
60
50
30
10
Poornima
Shen
Manuel
Poornima
Market Price
Shen
Valerie
Antonio
Valerie
°
2
3
4
5
7
8
Antonio
QUANTITY (VR headsets)
?
Based on the information on the previous graph, you can tell that
will buy VR headsets at the given market price, and total
3 Tempe
Transcribed Image Text:3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $30. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $30. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 80 Manuel 70 60 50 30 10 Poornima Shen Manuel Poornima Market Price Shen Valerie Antonio Valerie ° 2 3 4 5 7 8 Antonio QUANTITY (VR headsets) ? Based on the information on the previous graph, you can tell that will buy VR headsets at the given market price, and total 3 Tempe
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