7. The demand schedule for toasters, is given below. The price of toasters is $20. a. Graph the demand curve to scale and identify the area that represents the consumer surplus P. QD ($) (millions) 120 10 100 20 80 30 60 40 40 50 20 60 b. Calculate the consumer surplus for toasters.

7. The demand schedule for toasters, is given below. The price of toasters is $20. a. Graph the demand curve to scale and identify the area that represents the consumer surplus P. QD ($) (millions) 120 10 100 20 80 30 60 40 40 50 20 60 b. Calculate the consumer surplus for toasters.

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

Just complete Question 7A and 7B

1 fuipea
Paragraph
Styles
$1,020
W uat IS IC WHguesS to pay?
b. If she had bought the iPhone on sale for $500, what would her
consumer surplus have been.
C. If the price of an iPhone were $900, what would her consumer
surplus have been?
d.
$260
$60
7. The demand schedule for toasters, is given below. The price of toasters is $20.
a. Graph the demand curve to scale and identify the area that represents the
consumer surplus
QD
($)
(millions)
120
10
100
20
80
30
60
40
40
50
20
60
b. Calculate the consumer surplus for toasters.
S. Explain the concept of producer surplus and total surplus.
hp
ho
存米
fg
fg
144
立

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