gilal cameras)decreasesincreasesBased on the i| the second graph, when the market price of a digital camera increases to $250, the number of consumers willing to buy adigital camera, and total consumer surplusto stoEdinonCrystal50one consumertwo consumers2 3QUANTITY ( three consumers17Edisonfour consumersfive consumersBased on the information in the sedigital camerahe market price of a digital camera increases to $250, the number of consumers willing to buy a, and total consumer surplustoto $decreasesincreasesBased on the information in the second graph, when the market price of a digital camera, and total consumer surplus$250, the number of consumers willing to buy adigital cameratoto $ 13. Consumer surplus for a group of consumersBased on the information on the previous graph, you can tell thatwill buy digital cameras at the given market price, and totalThe following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for digital cameras. The market price of a digitalconsumer surplus in this market will be $camera is shown by the black horizontal line at $150.one consumerSuppose the market price of a digital camera increases to $250.two consumersEach rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Tim, greenthree consumers(triangle symbols) for Alyssa, purple (diamond symbols) for Brian, tan (dash symbols) for Crystal, and blue (circle symbols) for Edison. Use theOn the following graph, use the rectangles once again to shade thconsumer surplus for each person who is willing and able tofour consumersrectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a digital camera at a market price ofpurchase a digital camera at the new market price: orange (squargreen (triangle symbols) for Alyssa, purple (diamond symbols)$150. (Note: If a person will not purchase a digital camera at the market price, indicate this by leaving his or her rectangle in its original position onfor Brian, tan (dash symbols) for Crystal, and blue (circle symbols five consumersIf a person will not purchase a digital camera at the newthe palette.)market price, indicate this by leaving his or her rectangle in its original posiTIon on the palette.)Hint: You can view the area of a rectangle by clicking the rectangle after you have plotted it.400Tim350400TimAlyssaTim300350TimAlyssaMarket Price250300AlyssaBrian250AlyssaBrianBrian1508 200Crystal100Market PriceBrian150EdisonCrystalCrystal50100EdisonCrystal3578Edison50QUANTITY (Digital cameras)2567EdisonQUANTITY (Digital cameras)

Law of demand: The law of demand suggests that other things remain constant as the price of a…

decreases increases ased on the i igital camera | the second graph, when the market price of a digital camera increases to $250, the number of consumers willing to buy a to , and total consumer surplus to s Edinon Crystal 50 one consumer two consumers 7 Edison QUANTITY three consumers four consumers five consumers e market price of a digital camera increases to $250, the number of consumers willing to buy a , and total consumer surplus Based on the information in the se digital camera to s to decreases increases Based on the information in the second graph, when the market price of a digital camera digital camera $250, the number of consumers willing to buy a , and total consumer surplus to s to

decreases increases ased on the i igital camera | the second graph, when the market price of a digital camera increases to $250, the number of consumers willing to buy a to , and total consumer surplus to s Edinon Crystal 50 one consumer two consumers 7 Edison QUANTITY three consumers four consumers five consumers e market price of a digital camera increases to $250, the number of consumers willing to buy a , and total consumer surplus Based on the information in the se digital camera to s to decreases increases Based on the information in the second graph, when the market price of a digital camera digital camera $250, the number of consumers willing to buy a , and total consumer surplus to s to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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