### Market for Artichokes#### Graph Explanation:The graph demonstrates the market for artichokes, displaying the relationship between price (in dollars) and quantity (in pounds of artichokes). The graph includes:- **Supply Curve (S):** An upward-sloping red line indicating that as the price increases, the quantity supplied also increases.- **Demand Curve (D):** A downward-sloping blue line showing that as the price decreases, the quantity demanded increases.- **Equilibrium Point:** The intersection of the supply and demand curves, indicating an equilibrium price of $3 per pound and an equilibrium quantity of 100 pounds of artichokes per week.#### Instructions:Using the graph, identify and calculate the area representing consumer surplus, which is the gap between what consumers are willing to pay and the market price they actually pay.- **Consumer Surplus Area:** The area above the equilibrium price line ($3) and below the demand curve (D) up to the equilibrium quantity (100 pounds).You can employ the provided tool **CS** to visualize this area on the graph.#### Task:Determine the consumer surplus generated by the market each week.**Consumer Surplus Calculation:**- Mark the consumer surplus using the tool: $ \text{CS} $- Enter the calculated amount for consumer surplus: $ _______

Refer to the figure. Price (dollars) 10 9 7 6 3 2 1 0 Market for Artichokes 50 100 D 150 200 Quantity (pounds of artichokes) 250 Tools CS The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing consumer surplus in this market, and then determine how much consumer surplus will be generated by the market each week. Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $

Refer to the figure. Price (dollars) 10 9 7 6 3 2 1 0 Market for Artichokes 50 100 D 150 200 Quantity (pounds of artichokes) 250 Tools CS The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing consumer surplus in this market, and then determine how much consumer surplus will be generated by the market each week. Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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