The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado.The Mead market price of a VR headset is given by the horizontal black line at $180.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Jacques, green(triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use therectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of$180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on thepalette.)PRICE (Dollars per VR headset)48042036030024018012060001Jacques2KyokoMusashiRinaSean345QUANTITY (VR headsets)Market Price678Based on the information on the previous graph, you can tell thatconsumer surplus in this market will be $JacquesKyokoMusashiRinaSeanwill buy VR headsets at the given market price, and total

Consumer surplus can be defined as the difference between what a consumer is willing to pay and the…

$180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 0 1 Jacques 2 Kyoko Musashi Rina Sean 3 4 5 QUANTITY (VR headsets) Market Price 6 7 8 Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ □ Jacques Kyoko Musashi Rina Sean ? will buy VR headsets at the given market price, and total

$180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 0 1 Jacques 2 Kyoko Musashi Rina Sean 3 4 5 QUANTITY (VR headsets) Market Price 6 7 8 Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ □ Jacques Kyoko Musashi Rina Sean ? will buy VR headsets at the given market price, and total

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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