Please shade in the squares to represent surplus Homework (Ch 07)The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for laptops. The market price of a laptop isshown by the black horizontal line at $120.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Hubert, green(triangle symbols) for Kate, purple (diamond symbols) for Manuel, tan (dash symbols) for Poornima, and blue (circle symbols) for Shen. Use therectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a laptop at a market price of $120.(Note: If a person will not purchase a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)240Hubert210Hubert180150Kate12090Manuel60Poornima30PRICE (Dollars per laptop)KateManuelPoornimaShenMarket PriceC Homework (2402101801501209060300HubertPRICE (Dollars per laptop)HubertKateManuelPoornima01357ShenQUANTITY (Laptops)Based on the information in the second graph, when the market price of a laptop decreases to $60, the number of consumers willing to buy a laptoptoand total consumer surplustoCO2KateManuelPoornimaShen6Market PriceC

A surplus depicts how much a resource or asset that surpasses the piece that is effectively used. A…

n place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Hubert, gra Kate, purple (diamond symbols) for Manuel, tan (dash symbols) for Poornima, and blue (circle symbols) for Shen. Use e areas representing consumer surplus for each person who is willing and able to purchase a laptop at a market price of not purchase a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the pa (?) rt Market Price Kate Manuel Poornima Shon Hubert **** Kate Manuel

n place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Hubert, gra Kate, purple (diamond symbols) for Manuel, tan (dash symbols) for Poornima, and blue (circle symbols) for Shen. Use e areas representing consumer surplus for each person who is willing and able to purchase a laptop at a market price of not purchase a laptop at the market price, indicate this by leaving his or her rectangle in its original position on the pa (?) rt Market Price Kate Manuel Poornima Shon Hubert **** Kate Manuel

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Explain factors affecting the farmers' share of retail price on foods
What makes a commodity perishable? A. Mark-up and mark-down of prices B. The estimated length of time an item is usable C. The saleability of the commodity D. All answers are correct E. A and C are correct
5
Which comes first in changing the food system: supply and demand?
diagramatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.
Factors that influence demand and supply
A change in resources. Change in prices of other goods. A change in producer expectation. How are those changes that are mentioned affect the quantity supplied?
Please no written by hand Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon. Demand Schedule Price Quantity Commuting Errands Mp Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out-of-State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 miles) 2x per week (300 miles) Trips to Local Park (120 miles) In-State (200 miles) Add to schedule Previous $3.50 Public Transportation (60 miles) Next 1 Trip per Week (150 miles) Stay in Neighborhood (40 miles) > Stay-cation (50 miles) $4.00 QUANTITY 35 27.5 17.5 17.5 97.5 gallons Keynote $4.50 COST $105.00 $82.50 $52.50 $52.50 $292.50 of $250