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

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