3. Consumer surplus for a group of consumersThe following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meadville, a small town located inPennsylvania. The Headville market price of a motor scooter is given by the horizontal black line at $180.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Gilberto, green(triangle symbols) for Juanita, purple (diamond symbols) for Lorenzo, tan (dash symbols) for Neha, and blue (arde symbols) for Sam. Use therectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of$150 (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position onthe palette)8G88PRICE (Doters per motor scooter882408GibertoJuanLorenzoNehaSam1QUANTITY (Motor scooters)Market PriceBased on the information on the previous graph, you can tell thatconsumer surplus in this market will be sLorenzoNehaSamwill buy motor scooters at the given market price, and total Suppose the market price of a motor scooter increases to $300.On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able topurchase a motor scooter at the new market price: orange (square symbols) for Gilberto, green (triangle symbols) for Juanita, purple (diamondsymbols) for Lorenzo, tan (dash symbols) for Neha, and blue (circle symbols) for Sam. (Note: If a person will not purchase a motor scooter at thenew market price, indicate this by leaving his or her rectangle in its original position on the palette.)PRICE (Dolars per motor scooter)1000RRS120GibertsJuanitaLorenzoNeha*.QUANTITY (Molor scouter)Market Price.GibertoJuanitaLorenNehaSamBased on the information in the second graph, when the market price of a motor scooter increases to $300, the number of consumers willing to buy amotor scootertoand total consumer surplus

Consumer surplus:Consumer surplus is the gain of the consumer when the price the consumer is willing…

3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meadville, a small town located in Pennsylvania. The Headville market price of a motor scooter is given by the horizontal black line at $180. Each rectangle you can place on the following graph corresponds to a particular buyer in the market: orange (square symbols) for Gilberto, green (triangle symbols) for Juanita, purple (diamond symbols) for Lorenzo, tan (dash symbols) for Neha, and blue (circle symbols) for San. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter market price of $150 (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette) PRICE (Doters per mater scooteg 8 88 8 Gaberto Juan Lorenzo Neha Sam 1 QUANTITY (Motor scooters) Market Price ased on the information on the previous graph, you can tell that onsumer surplus in this market will be Lorenzo Sam will buy motor scooters at the given market price, and total

3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meadville, a small town located in Pennsylvania. The Headville market price of a motor scooter is given by the horizontal black line at $180. Each rectangle you can place on the following graph corresponds to a particular buyer in the market: orange (square symbols) for Gilberto, green (triangle symbols) for Juanita, purple (diamond symbols) for Lorenzo, tan (dash symbols) for Neha, and blue (circle symbols) for San. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter market price of $150 (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette) PRICE (Doters per mater scooteg 8 88 8 Gaberto Juan Lorenzo Neha Sam 1 QUANTITY (Motor scooters) Market Price ased on the information on the previous graph, you can tell that onsumer surplus in this market will be Lorenzo Sam will buy motor scooters at the given market price, and total

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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