The graph shows the demand curve for sleeping bags and the market price of a sleeping bag. Draw a point to show the quantity of sleeping bags bought and the price paid. Draw a shape that represents the consumer surplus from the sleeping bags bought Label it. Draw a shape that represents the amount paid for the sleeping bags bought. Label it. The consumer surplus equals 5 The total amount paid for the quantity bought is $ The total benefit from the sleeping bags bought is 120 100- 80- 60+ 40- 20- Price (dollars per sleeping bag) 0+ 0 Market price D 90 60 Quantity (sleeping bags per day) >>> Draw only the objects specified in the question. 120

The graph shows the demand curve for sleeping bags and the market price of a sleeping bag. Draw a point to show the quantity of sleeping bags bought and the price paid. Draw a shape that represents the consumer surplus from the sleeping bags bought Label it. Draw a shape that represents the amount paid for the sleeping bags bought. Label it. The consumer surplus equals 5 The total amount paid for the quantity bought is $ The total benefit from the sleeping bags bought is 120 100- 80- 60+ 40- 20- Price (dollars per sleeping bag) 0+ 0 Market price D 90 60 Quantity (sleeping bags per day) >>> Draw only the objects specified in the question. 120

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

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© Macmillan Learning The table contains the maximum willingness to pay of five college students wanting to buy a tablet on Amazon. Student Willingness to pay Anthony $500 Amanda $400 Lily $300 Francisco $200 Max $100 What is total consumer surplus for the five students? If the price increases from $300 to $500, what is the change in total consumer surplus? SA SA
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a. In the graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use the tool provided 'PS' to identify the area of producer surplus. This will drop a small triangle with 3 endpoints onto the graph. Drag the endpoints to the appropriate positions to identify the area of producer surplus. Then, use the tool provided 'CS' and follow the same process for consumer surplus. Tools Supply CS PS Demand Quantity Price
16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)
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Question 29 Describe where producer surplus is on the graph (use words or you can also draw and attach a drawing or photo of a drawing).
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