From the previous graph, you can tell that Eileen is willing to pay per bowl, the consumer surplus she gains from the 6th burrito bowl is Suppose the price of burrito bowls were to fall to $1.50 per bowl. At this lower price, Eileen would receive a consumer surplus of 5th burrito bowl she buys. The following graph plots the monthly market demand curve (blue line) for burrito bowls in a hypothetical small economy. PRICE (Dolars per boo Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of burrito bowls as $2.25 per bowl, Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price fails to $1.50 per bowl 7:50 675 6.00 525 4.50 375 300 1.50 8.75 . 0 Demand P=5225 P $1.50 Small Economy's Monthly Demand for her 6th burrito bowl each week. Because she has to pay only $2.25 201 NO 00 00 100 120 140 100 180 200 QUANTITY (Thousands of burito bowls) 0 Intal Consumer Surplus (P-$225) A from the Additional Consumer Surplus (P-$1.50)

From the previous graph, you can tell that Eileen is willing to pay per bowl, the consumer surplus she gains from the 6th burrito bowl is Suppose the price of burrito bowls were to fall to $1.50 per bowl. At this lower price, Eileen would receive a consumer surplus of 5th burrito bowl she buys. The following graph plots the monthly market demand curve (blue line) for burrito bowls in a hypothetical small economy. PRICE (Dolars per boo Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of burrito bowls as $2.25 per bowl, Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price fails to $1.50 per bowl 7:50 675 6.00 525 4.50 375 300 1.50 8.75 . 0 Demand P=5225 P $1.50 Small Economy's Monthly Demand for her 6th burrito bowl each week. Because she has to pay only $2.25 201 NO 00 00 100 120 140 100 180 200 QUANTITY (Thousands of burito bowls) 0 Intal Consumer Surplus (P-$225) A from the Additional Consumer Surplus (P-$1.50)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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