From the previous graph, you can tell that Simone is willing to pay $ for her 8th slice of apple pie each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of apple pie is S Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Simone would receive a consumer surplus of S 18th slice of apple pie she buys. The following graph shows the weekly market demand for apple pie in a small economy. Ise the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of apple pie is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice. ? Dollars per slice) 7.50 6.75 6.00 5.25 Demand 4.50 3.75 3.00 2.25 1.50 0.75 0 0 P= $3.00 P=$2.25 Small Economy's Weekly Demand 40 80 100 120 160 180 200 140 QUANTITY (Thousands of slices of apple pie) 20 60 Initial Consumer Surplus (P-$3.00) from the Additional Consumer Surplus (P-$2.25)

From the previous graph, you can tell that Simone is willing to pay $ for her 8th slice of apple pie each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of apple pie is S Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Simone would receive a consumer surplus of S 18th slice of apple pie she buys. The following graph shows the weekly market demand for apple pie in a small economy. Ise the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of apple pie is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice. ? Dollars per slice) 7.50 6.75 6.00 5.25 Demand 4.50 3.75 3.00 2.25 1.50 0.75 0 0 P= $3.00 P=$2.25 Small Economy's Weekly Demand 40 80 100 120 160 180 200 140 QUANTITY (Thousands of slices of apple pie) 20 60 Initial Consumer Surplus (P-$3.00) from the Additional Consumer Surplus (P-$2.25)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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