The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- 16.00- Draw a point that shows the value of the 30th wallet. Label it 1. 14.00- Draw a point that shows the willingness to pay for the 45th wallet. Label it 2. 12.00- Draw an arrow that shows the consumer surplus on the 45th wallet. Label it CS. 10.00- 8.00- What is the consumer surplus on the 45th wallet? 6.00 Market The consumer surplus on the 45th wallet is $. price 4.00- >>> Answer to 2 decimal places. 2.00- 0.00- 15 30 45 60 75 90 105 Quantity (wallets per day)

The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- 16.00- Draw a point that shows the value of the 30th wallet. Label it 1. 14.00- Draw a point that shows the willingness to pay for the 45th wallet. Label it 2. 12.00- Draw an arrow that shows the consumer surplus on the 45th wallet. Label it CS. 10.00- 8.00- What is the consumer surplus on the 45th wallet? 6.00 Market The consumer surplus on the 45th wallet is $. price 4.00- >>> Answer to 2 decimal places. 2.00- 0.00- 15 30 45 60 75 90 105 Quantity (wallets per day)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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