Please solve the second image. *First image is for information only. The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado.The Mead market price of a VR headset is given by the horizontal black line at $180.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 therectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of$180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on thepalette.)PRICE (Dollars per VR headset)48042036030024018012060001Jacques2KyokoMusashiRinaSean345QUANTITY (VR headsets)6Market Price7 8JacquesKyokoMusashiRinaSean? Suppose the market price of a VR headset increases to $300.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 VR headset 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 VR headset at the new marketprice, indicate this by leaving his or her rectangle in its original position on the palette.)?PRICE (Dollars per VR headset)48042036030024018012060001Jacques2KyokoMusashiRinaSean345QUANTITY (VR headsets)Market Price678JacquesKyokoMusashiRinaSeanBased on the information in the second graph, when the market price of a VR headset increases to $300, the number of consumers willing to buy a VRheadset, and total consumer surplustoto $

Consumer surplus can be defined as the difference between what a consumer is willing to pay and the…

The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $180. 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 VR headset at a market price of $180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 480 420 Jacques Kvoko Jacques (?)

The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $180. 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 VR headset at a market price of $180. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 480 420 Jacques Kvoko Jacques (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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