From the previous graph, you can tell that Teresa is willing to pay s for her 8th slice of cheesecake each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $ Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Teresa would receive a consumer surplus of $ from the 8th slice of cheesecake she buys. The following graph shows the weekly market demand for cheesecake in a small economy.
From the previous graph, you can tell that Teresa is willing to pay s for her 8th slice of cheesecake each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $ Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Teresa would receive a consumer surplus of $ from the 8th slice of cheesecake she buys. The following graph shows the weekly market demand for cheesecake in a small economy.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 15PAE
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Question
![4. Consumer surplus for an individual and a market
The following graph shows Teresa's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand
curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line.
Teresa's Weekly Demand
7.50
6.75
6.00
5.25
Demand
4,50
3.75
Price
3.00
2.25
1.50
0.75
4.
6.
8.
10
12
14
16
18
20
QUANTITY (Slices of cheesecake)
PRICE (Dollars per slice)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa3bff2c-2743-4a14-b17f-30b2784a9b02%2F88b0f6bc-a566-4e37-a075-68a265e392f8%2F5dsgo0zm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Consumer surplus for an individual and a market
The following graph shows Teresa's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand
curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line.
Teresa's Weekly Demand
7.50
6.75
6.00
5.25
Demand
4,50
3.75
Price
3.00
2.25
1.50
0.75
4.
6.
8.
10
12
14
16
18
20
QUANTITY (Slices of cheesecake)
PRICE (Dollars per slice)
![a Search this course
Homework (Ch 07)
From the previous graph, you can tell that Teresa is willing to pay s
for her 8th slice of cheesecake each week. Because she has to pay only
$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $
Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Teresa would receive a consumer surplus of $
from the
8th slice of cheesecake she buys.
The following graph shows the weekly market demand for cheesecake in a small economy.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa3bff2c-2743-4a14-b17f-30b2784a9b02%2F88b0f6bc-a566-4e37-a075-68a265e392f8%2Fv5p1oo9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a Search this course
Homework (Ch 07)
From the previous graph, you can tell that Teresa is willing to pay s
for her 8th slice of cheesecake each week. Because she has to pay only
$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $
Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Teresa would receive a consumer surplus of $
from the
8th slice of cheesecake she buys.
The following graph shows the weekly market demand for cheesecake in a small economy.
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