The graph represents the demand for science fiction books. a If the market price is $10 per book, what is the consumer surplus created for consumers? Shade in this area on the graph. Instructions: Use the tool provided CS to illustrate this area on the graph. Suppose the market price falls to $6 per book. Consumer surplus in the market will increase for two reasons. b. First, consumers will gain additional surplus on the books already purchased. What is the consumer surplus gain from the additional surplus on existing purchases? Shade in this area on the graph. Instructions: Use the tool provided CSadd to illustrate this area on the graph. c. Second, consumers will gain surplus from the new books purchased. What is the consumer surplus gain from new book purchases? Shade in this area on the graph. Instructions: Use the tool provided CSnew to illustrate this area on the graph.

The graph represents the demand for science fiction books. a If the market price is $10 per book, what is the consumer surplus created for consumers? Shade in this area on the graph. Instructions: Use the tool provided CS to illustrate this area on the graph. Suppose the market price falls to $6 per book. Consumer surplus in the market will increase for two reasons. b. First, consumers will gain additional surplus on the books already purchased. What is the consumer surplus gain from the additional surplus on existing purchases? Shade in this area on the graph. Instructions: Use the tool provided CSadd to illustrate this area on the graph. c. Second, consumers will gain surplus from the new books purchased. What is the consumer surplus gain from new book purchases? Shade in this area on the graph. Instructions: Use the tool provided CSnew to illustrate this area on the graph.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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