The graph shows the market for hamburgers, and the consumer surplus and producer surplus. What is total surplus? Total surplus is $ If the quantity demanded of hamburgers decreases by 80 an hour at each price, the demand curve shifts leftward from D to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and labelit PS Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? Total surplus A 9.00 8.00- 7.00- 6.00 5.00- 3.00- 2.00 1.00 0.00 0 Price (dollars per hamburger) 9.00 8.00 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- $ D₁ Do 20 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) Price (dollars per hamburger) S D 20 40 60 80 100 120 140 160 160 Quantity (hamburgers per hour) Q Q G Q Q >>> Draw only the objects specified in the question.

The graph shows the market for hamburgers, and the consumer surplus and producer surplus. What is total surplus? Total surplus is $ If the quantity demanded of hamburgers decreases by 80 an hour at each price, the demand curve shifts leftward from D to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and labelit PS Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? Total surplus A 9.00 8.00- 7.00- 6.00 5.00- 3.00- 2.00 1.00 0.00 0 Price (dollars per hamburger) 9.00 8.00 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- $ D₁ Do 20 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) Price (dollars per hamburger) S D 20 40 60 80 100 120 140 160 160 Quantity (hamburgers per hour) Q Q G Q Q >>> Draw only the objects specified in the question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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