The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Meadville, a small town located in Pennsylvania. The Meadville 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 Felix, green (triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and blue (circle symbols) for Raphael. 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.) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 0 + 1 Felix 2 Janet Larry Megan Market Price Raphael 3 4 5 6 QUANTITY (VR headsets) 7 8 Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ Felix Janet Larry Megan Raphael ? will buy VR headsets at the given market price, and total

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Economics

3. Consumer surplus for a group of consumers
The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Meadville, a small town located in
Pennsylvania. The Meadville 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 Felix, green
(triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and blue (circle symbols) for Raphael. 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.)
PRICE (Dollars per VR headset)
480
420
360
300
240
180
120
60
0
1
Felix
2
Janet
Larry
Megan
Raphael
3
4
5
QUANTITY (VR headsets)
Market Price
6
7
8
Based on the information on the previous graph, you can tell that
consumer surplus in this market will be $
Felix
Janet
Larry
Megan
Raphael
(?)
will buy VR headsets at the given market price, and total
Transcribed Image Text:3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Meadville, a small town located in Pennsylvania. The Meadville 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 Felix, green (triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and blue (circle symbols) for Raphael. 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.) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 1 Felix 2 Janet Larry Megan Raphael 3 4 5 QUANTITY (VR headsets) Market Price 6 7 8 Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ Felix Janet Larry Megan Raphael (?) will buy VR headsets at the given market price, and total
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 to
purchase a VR headset at the new market price: orange (square symbols) for Felix, green (triangle symbols) for Janet, purple (diamond symbols) for
Larry, tan (dash symbols) for Megan, and blue (circle symbols) for Raphael. (Note: If a person will not purchase a VR headset at the new market
price, indicate this by leaving his or her rectangle in its original position on the palette.)
(?)
PRICE (Dollars per VR headset)
480
420
360
300
240
180
120
60
0
0
1
Felix
2
Janet
Larry
Megan
Market Price
Raphael
3
4
5
QUANTITY (VR headsets)
6
7
"
8
CO
Felix
Janet
Larry
Megan
Raphael
Based 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 VR
headset
and total consumer surplus
to
to $
Transcribed Image Text: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 to purchase a VR headset at the new market price: orange (square symbols) for Felix, green (triangle symbols) for Janet, purple (diamond symbols) for Larry, tan (dash symbols) for Megan, and blue (circle symbols) for Raphael. (Note: If a person will not purchase a VR headset at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) (?) PRICE (Dollars per VR headset) 480 420 360 300 240 180 120 60 0 0 1 Felix 2 Janet Larry Megan Market Price Raphael 3 4 5 QUANTITY (VR headsets) 6 7 " 8 CO Felix Janet Larry Megan Raphael Based 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 VR headset and total consumer surplus to to $
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