Price of hamburger $5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 S₁ D₁ 100 200 300 400 500 600 700 800 Quantity of hamburgers (per week)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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If the price of a hamburger falls from $2.00 to $1.50, the gain in consumer surplus to consumers who are persuaded to buy at the lower price (and who were not buying when the price was $2.00) is equal to:

 
Price of
hamburger
$5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0
S₁
D₁
100 200 300 400 500 600 700 800
Quantity of hamburgers
(per week)
Use figure above
Transcribed Image Text:Price of hamburger $5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 S₁ D₁ 100 200 300 400 500 600 700 800 Quantity of hamburgers (per week) Use figure above
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