Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be $
Suppose the market price of a bluetooth speaker increases to $100.
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 Andrew, green (triangle symbols) for Beth, purple (diamond
symbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. (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.)
PRICE (Dollars per bluetooth speaker)
160
140
120
100
80
60
20
0
0
Andrew
1
Beth
Darnell
2
Eleanor
5
Market Price
3
4
QUANTITY (Bluetooth speakers)
Jacques
6
7
8
Andrew
Beth
Darnell
Eleanor
will buy bluetooth speakers at the given market price, and
Jacques
Based on the information in the second graph, when the market price of a bluetooth speaker increases to $100, the number of consumers willing to
buy a bluetooth speaker
to
and total consumer surplus
to](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F262559b9-d069-489b-ac6b-3f2a7d30af63%2Fedcc7814-1fba-4c5a-b1f1-28e041536ea7%2Fvebxp4q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be $
Suppose the market price of a bluetooth speaker increases to $100.
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 Andrew, green (triangle symbols) for Beth, purple (diamond
symbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. (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.)
PRICE (Dollars per bluetooth speaker)
160
140
120
100
80
60
20
0
0
Andrew
1
Beth
Darnell
2
Eleanor
5
Market Price
3
4
QUANTITY (Bluetooth speakers)
Jacques
6
7
8
Andrew
Beth
Darnell
Eleanor
will buy bluetooth speakers at the given market price, and
Jacques
Based on the information in the second graph, when the market price of a bluetooth speaker increases to $100, the number of consumers willing to
buy a bluetooth speaker
to
and total consumer surplus
to
![S
S
The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meade, a small town located in
Kansas. The Meade market price of a bluetooth speaker is given by the horizontal black line at $60.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Andrew, green
(triangle symbols) for Beth, purple (diamond symbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. 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 $60. (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.)
PRICE (Dollars per bluetooth speaker)
160
140
120
100
80
60
40
20
0
0
Andrew
1
Beth
Darnell
2
Eleanor
5
Market Price
Jacques
6
3
4
QUANTITY (Bluetooth speakers)
7
8
Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be $
Suppose the market price of a bluetooth speaker increases to $100.
Andrew
Beth
Darnell
Eleanor
Jacques
will buy bluetooth speakers at the given market price, and](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F262559b9-d069-489b-ac6b-3f2a7d30af63%2Fedcc7814-1fba-4c5a-b1f1-28e041536ea7%2Fxyjnfd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:S
S
The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meade, a small town located in
Kansas. The Meade market price of a bluetooth speaker is given by the horizontal black line at $60.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Andrew, green
(triangle symbols) for Beth, purple (diamond symbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. 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 $60. (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.)
PRICE (Dollars per bluetooth speaker)
160
140
120
100
80
60
40
20
0
0
Andrew
1
Beth
Darnell
2
Eleanor
5
Market Price
Jacques
6
3
4
QUANTITY (Bluetooth speakers)
7
8
Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be $
Suppose the market price of a bluetooth speaker increases to $100.
Andrew
Beth
Darnell
Eleanor
Jacques
will buy bluetooth speakers at the given market price, and
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 17 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education