Need help with this and please show me how do to do the graphs too, where to put the colors for each person.Here is the possible answers to the empty spots. READ CAREFULLY and Remember its all part of a same question!1. Based on the information on the previous graph, you can tell that___________(Choose one of the following: 1,2,3,4 or 5 cosumers) will buy smart phones at the given market price, and total consumer surplus in this market will be______$2. Based on the information in the second graph, when the market price of a smart phone decreases to $60, the number of consumers willing to buy a smart phone__________(Choose one of the following: increases or decreases) to_________(Choose one of the following: 1,2,3,4 or 5 cosumers), and total consumer surplus________(Choose one of the following: increases or decreases) to________$ Suppose the market price of a smart phone decreases to $60.On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able topurchase a smart phone at the new market price: 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. (Note: If a person will not purchase a smart phone at the new marketprice, indicate this by leaving his or her rectangle in its original position on the palette.)(?)PRICE (Dollars per smart phone)240 Jacques2101801503001Kyoko2MusashiRinaSean345QUANTITY (Smart phones)Market Price678JacquesKyokoMusashiRinaSeanBased on the information in the second graph, when the market price of a smart phone decreases to $60, the number of consumers willing tobuy a smart phonetotoand total consumer surplus The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smart phones. The market price of asmart phone is shown 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 Jacques, green(triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use the rectanglesto shade the areas representing consumer surplus for each person who is willing and able to purchase a smart phone at a market price of $120. (Note:If a person will not purchase a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)Hint: You can view the area of a rectangle by clicking the rectangle after you have plotted it.(?)PRICE (Dollars per smart phone)240 Jacques210180150120603001Kyoko2MusashiRinaSean35QUANTITY (Smart phones)Market Price678Based on the information on the previous graph, you can tell thattotal consumer surplus in this market will be $JacquesKyokoMusashiRinaSeanwill buy smart phones at the given market price, and

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this and please show me how do to do the graphs too, where to put the colors for each person.

Here is the possible answers to the empty spots. READ CAREFULLY and Remember its all part of a same question!

1. Based on the information on the previous graph, you can tell that___________(Choose one of the following: 1,2,3,4 or 5 cosumers) will buy smart phones at the given market price, and total consumer surplus in this market will be______$

2. Based on the information in the second graph, when the market price of a smart phone decreases to $60, the number of consumers willing to buy a smart phone__________(Choose one of the following: increases or decreases) to_________(Choose one of the following: 1,2,3,4 or 5 cosumers), and total consumer surplus________(Choose one of the following: increases or decreases) to________$

Suppose the market price of a smart phone decreases to $60.
On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to
purchase a smart phone at the new market price: 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. (Note: If a person will not purchase a smart phone at the new market
price, indicate this by leaving his or her rectangle in its original position on the palette.)
(?)
PRICE (Dollars per smart phone)
240 Jacques
210
180
150
30
0
1
Kyoko
2
Musashi
Rina
Sean
3
4
5
QUANTITY (Smart phones)
Market Price
6
7
8
Jacques
Kyoko
Musashi
Rina
Sean
Based on the information in the second graph, when the market price of a smart phone decreases to $60, the number of consumers willing to
buy a smart phone
to
to
and total consumer surplus

The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smart phones. The market price of a
smart phone is shown 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 Jacques, green
(triangle symbols) for Kyoko, purple (diamond symbols) for Musashi, tan (dash symbols) for Rina, and blue (circle symbols) for Sean. Use the rectangles
to shade the areas representing consumer surplus for each person who is willing and able to purchase a smart phone at a market price of $120. (Note:
If a person will not purchase a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Hint: You can view the area of a rectangle by clicking the rectangle after you have plotted it.
(?)
PRICE (Dollars per smart phone)
240 Jacques
210
180
150
120
60
30
0
1
Kyoko
2
Musashi
Rina
Sean
3
5
QUANTITY (Smart phones)
Market Price
6
7
8
Based on the information on the previous graph, you can tell that
total consumer surplus in this market will be $
Jacques
Kyoko
Musashi
Rina
Sean
will buy smart phones at the given market price, and

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Consumer surplus, also known as social surplus and consumer surplus, in economics, is the distinction between the price a consumer pays for a product and the price he would be willing to pay instead of do while not it.

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