The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meade, a small town located in Kansas. The Meade market price of a motor scooter is given by the horizontal black line at $60. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $60. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meade, a small town located in Kansas. The Meade market price of a motor scooter is given by the horizontal black line at $60. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Manuel, green (triangle symbols) for Poornima, purple (diamond symbols) for Shen, tan (dash symbols) for Valerie, and blue (circle symbols) for Antonio. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $60. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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