The following graph shows Hilary's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $_______. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Hilary would receive a consumer surplus of $_______.from the 8th slice of cheesecake she buys.The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice
The following graph shows Hilary's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line
From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the
Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice.
![Small Economy's Weekly Demand
7.50
6.75
Initial Consumer Surplus (P = $3.00)
6.00
5.25
Demand
Additional Consumer Surplus (P = $2.25)
4.50
3.75
P = $3.00
3.00
2.25
P = $2.25
1.50
0.75 +
+
20
40
60
80
100
120
140
180
180
200
QUANTITY (Thousands of slices of cheesecake)
PRICE (Dollars per slice)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e723b24-d59d-4231-b966-9a7027336941%2Fb21e50a2-2ac0-4217-8983-cd3d11dfb9d1%2F6upbwbd_processed.png&w=3840&q=75)
![Hilary's Weekly Demand
7.50
6.75
6.00
5.25
Demand
8, 3.75
4.50
3.75
Price
3.00
2.25
1.50
0.75 +
+
+
2
4 6 8
10
12 14
16
18
20
QUANTITY (Slices of cheesecake)
PRICE (Dollars per slice)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e723b24-d59d-4231-b966-9a7027336941%2Fb21e50a2-2ac0-4217-8983-cd3d11dfb9d1%2Fgog7wwd_processed.png&w=3840&q=75)
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