Based on the information on the previous graph, you can tell thattotal 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 topurchase a bluetooth speaker at the new market price: orange (square symbols) for Andrew, green (triangle symbols) for Beth, purple (diamondsymbols) for Darnell, tan (dash symbols) for Eleanor, and blue (circle symbols) for Jacques. (Note: If a person will not purchase a bluetooth speakerat the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)PRICE (Dollars per bluetooth speaker)16014012010080602000Andrew1BethDarnell2Eleanor5Market Price34QUANTITY (Bluetooth speakers)Jacques678AndrewBethDarnellEleanorwill buy bluetooth speakers at the given market price, andJacquesBased on the information in the second graph, when the market price of a bluetooth speaker increases to $100, the number of consumers willing tobuy a bluetooth speakertoand total consumer surplusto SSThe following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meade, a small town located inKansas. 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 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 $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 originalposition on the palette.)PRICE (Dollars per bluetooth speaker)1601401201008060402000Andrew1BethDarnell2Eleanor5Market PriceJacques634QUANTITY (Bluetooth speakers)78Based on the information on the previous graph, you can tell thattotal consumer surplus in this market will be $Suppose the market price of a bluetooth speaker increases to $100.AndrewBethDarnellEleanorJacqueswill buy bluetooth speakers at the given market price, and

Total consumer surplus refers to the full benefit or value that consumers acquire from an amazing…

Answered: consumer surplus in

Business

Economics

consumer surplus in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Price per Movie ($) Quantity demanded Elasticity of Demand 2 3 4 5 6 7 8 1200 1100 1000 900 800 700…

A: Elasticity of demand (Ed) is a measure that quantifies how much the quantity demanded of a good or…

Q: e price elasticity of demand measures How responsive buyers are to a change in income…

A: Price elasticity of demand measures the degree of responsiveness to change in the price level.

Q: If government imposes a price ceiling on a good that is below the market equilibrium price a surplus…

A: Price controls are those government restrictions that are enforced to regulate the prices of goods…

Q: Mainstays towels, a popular Walmart brand, are inferior goods. All else equal, when the economy…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: Demand: Change in demand vs. a change in quantity demanded Distinction between a movement along a…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Price of X Quantity Demanded of X $10 6000 $14 3000 Price of X Quantity Supplied of X $10…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The market for blankets is perfectly competitive. The market price is P=$13. Market demand is Q=319…

A: When the formula will be creating an absolute value exceeding 1 the demand is elastic. When the…

Q: Review the attached graph. Which of the following movements would illustrate the effect on the…

A: Law of demand states :- Higher the price , lower will be the quantity demandedLower the price ,…

Q: The demand for the new Fast and Furious 15 DVD is D (p) = -0.05p² – 3.7p + 41 DVDS where p is in…

A: Note: Since this question contains more than three subparts, we are restricted to solve first 3…

Q: Demand refers to consumers wanting a product so much that they insist on the product being produced.…

A: Demand is an economic approach that refers to a consumer's desire to buy products and services as…

Q: Explain the two types of demand.

A: # Demand is closely related to the wants and the needs of the consumers in an economy. It is one of…

Q: paid by consumers) is levied on a good this would e a movement along the demand curve to a (lower…

A: A tax can be described as the charge that are imposed by the central authority on individuals or…

Q: Suppose an economist estimates the price elasticity of demand for instant noodle is -2.4, while its…

A: The tax per unit is given as $16. In order to find an impact on the market, the incidence of tax…

Q: The price decreases from $2,000 to $1,800. Quantity demanded per year increases from 5000 to 6000…

A: Price elasticity of demand refers to the responsiveness of quantity demanded to a change in the…

Q: Suppose price of a commodity rises by 10% , then supply by a firm increases by 50% Calculate…

A: # The elasticity of supply is a measure of the change in quantity supplied due to change in price.…

Q: When we move along the demand curve only quantity is held constant. only price is held constant. all…

A: The demand curve represents the relation between the price of goods and the quantity that the…

Q: What are the factors that caused the consumer surplus?

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: Suppose at a price $ quantity emanded is IS 100 and when price is $11 quantity demanded is 85. What…

A: The price elasticity of demand measures the degree of responsiveness of changes in quantity demanded…

Q: The Government places a luxury tax on cars that sell for over $50k. What would happen to the supply…

A: The impact of the tax on the demand-supply equilibrium level of output and price is to move the…

Q: You are considering subscribing to Hulu. You are willing to pay up to $39 per year for a…

A: The equilibrium price is the point where demand and supply meet. Consumer surplus (CS) is the area…

Q: The price elasticity of demand is -3, the price elasticity of supply is 1. The government imposes a…

A: Elasticity helps to determine the tax burden. Higher than elasticity, lower the tax burden. Lower…

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

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

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!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define total consumer surplus

VIEW

Step 2: Explain the graph illustrating the consumer surplus at price $225

VIEW

Step 3: Explain the graph illustrating the consumer surplus at price $125

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 17 images

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

Demand and Supply P = 75 – 3Qd and P = 25 + 2Qs Determine the market price and market quantity
Cocoa (Cacao) beans and imported from South America. The government has decided to increase the tax on imported goods such as cocoa. What effect would this have on the market for hot cocoa?
which of the following does not directly influence the demand for a good? the size of the population consumer preferences the cost of producing the good average consumer income
In the market for therbligs, the supply curve is Ps=$10+$0.05Qs and whose market demand curve is Pd=$20-$0.10Qd . Find the quantity and price in equilibrium and record them using fractions rather than a rounded decimal. Calculate the elasticity of demand on the interval between the market equilibrium point and the point at which P=$15. Plot the diagram on graph paper and add in a price floor at $15. Show the resulting Cunsumer Surplus, Producer Surplus, and DeadWeight Loss. A quick way to calculate price elasticity at a point on a straight demand or supply curve is to remember the forula of elasticity.At the equilibrium price and quantity, calculate the elasticities of demand and supply. (Your answer for demand will be smaller than in #2.) If an excise tax is imposed on therbligs, what fraction of that tax will be borne by therblig sellers?
Which of the following is most likely to have a low price elasticity of demand? A good that is very expensive. A good with no close substitutes. A good that most people consider a luxury. All are equally likely to have a low price elasticity of demand.
If a city government were to impose a ceiling price on rental prices in the downtown area: quantity supplied would increase. supply would increase. an illegal market would likely emerge. quantity demanded would decrease.
If the value of price is $13 and the quantity is $14 find the total revenue
Is there an economic case of banning short selling in the United States?
I will split this question into two parts per the Q&A guidlines and leave a like for your assistance, thank you.Background:New Pumper system equipment is under consideration by a gulf coast chemical processing plant. One crucial pump moves highly corrosive liquids from specially lined tanks on intercoastal barges into storage and preliminary refining facilities dockside. Beacuse of the variable quality of the raw chemical and the igh pressures imposed on the pump chassis and impellers, a close log is maintained on the number of hours per year that the pump operates safety records and pump componenet deterioration are considered critical control points for this system. As currently planned, rebuild and M&O cost estimates are increased accordingly when cummulative operating time reaches the 6000-hour mark. Information:- First cost: $800,000- Rebuild Cost: $150,000 whenever 6000 cumulative hours are logged. Each rework will cost 20% more than the previous one. A maximum of three…
An increase in quantity demanded is caused by an increase in the price of a substitute of the product. an increase in consumers' income. a decrease in the price of the product. a shift in tastes and preferences.
The current price for a good is $20, and 90 units are demanded at that price. The price elasticity of demand for the good is - 2. When the price of the good drops by 5 percent to $19, consumer surplus increases by $. (Enter your response to the nearest penny.)
I need some help understanding the elasticity of demand and supply. I need more resources that explain the basics and then move into more difficult concepts with economics. Thank you- Jamie Hays