Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meadville, a small town locatedIn Pennsylvania. The Meadville market price of a bluetooth speaker is given by the horizontal black line at $225.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Dmitri, green(triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. Use therectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a marketprice of $225. (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its originalposition on the palette.)400DmitriFrances300Jake250G200Latasha150100Nick350500400350300250Based on the information on the previous graph, you can tell thattotal consumer surplus in this market will be S200Suppose the market price of a bluetooth speaker decreases to $125.15001005010023456QUANTITY (Bluetooth speakers)1On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able topurchase a bluetooth speaker at the new market price: orange (square symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamondsymbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. (Note: If a person will not purchase a bluetooth speaker at thenew market price, indicate this by leaving his or her rectangle in its original position on the palette.)Dmitri2FrancesJakeMarket Price4Latasha5Nick7Market Price3QUANTITY(Bluetooth speakers)687ITI!8DmitriFrancesJakeLatashaNickDmitriFrancesJakeLatashawill buy bluetooth speakers at the given market price, andNickBased on the information in the second graph, when the market price of a bluetooth speaker decreases to $125, the number of consumers willing tobuy a bluetooth speaker, and total consumer surplusto s Sto

Consumer surplus is the benefit that the customer receives from purchasing the commodity at a price…

Based on the information in the second graph, when the market price of a bluetooth speaker decreases to $125, the number of consumers willing to buy a bluetooth speaker to and total consumer surplus to $

Based on the information in the second graph, when the market price of a bluetooth speaker decreases to $125, the number of consumers willing to buy a bluetooth speaker to and total consumer surplus to $

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

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meadville, a small town located
In Pennsylvania. The Meadville market price of a bluetooth speaker is given by the horizontal black line at $225.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Dmitri, green
(triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. Use the
rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a market
price of $225. (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its original
position on the palette.)
400
Dmitri
Frances
300
Jake
250
G
200
Latasha
150
100
Nick
350
50
0
400
350
300
250
Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be S
200
Suppose the market price of a bluetooth speaker decreases to $125.
150
0
100
50
1
0
0
2
3
4
5
6
QUANTITY (Bluetooth speakers)
1
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 bluetooth speaker at the new market price: orange (square symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond
symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. (Note: If a person will not purchase a bluetooth speaker at the
new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Dmitri
2
Frances
Jake
Market Price
4
Latasha
5
Nick
7
Market Price
3
QUANTITY(Bluetooth speakers)
6
8
7
ITI!
8
Dmitri
Frances
Jake
Latasha
Nick
Dmitri
Frances
Jake
Latasha
will buy bluetooth speakers at the given market price, and
Nick
Based on the information in the second graph, when the market price of a bluetooth speaker decreases to $125, the number of consumers willing to
buy a bluetooth speaker
, and total consumer surplus
to s S
to

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Step 1: Define consumer surplus

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Step 2: Graph illustrating the consumer surplus at price $225

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Step 3: Graph illustrating the consumer surplus at price $125

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