ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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CENGAGE MINDTAP
Aplia Homework: Chapter 7
4. Consumer surplus for an individual and a market
PRICE (Dollars per slice)
7.50
6.75
6.00
The following graph shows Amy's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand
curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line.
5.25
4.50
3.75
3.00
2.25
1.50
Cengage Learning
Demand
Price
BO
Amy's Weekly Demand
27
A
·
280
C
NOV
8
Ang.cengage.com
O
Mind Tap - Cengage Learning
?
tv
♫
Ć
NA
Q Search this course
W
(1) WhatsApp
00
G
Wed Nov 8 4:30
DOCK
+
Amandeep
X
!
expand button
Transcribed Image Text:Safari File Edit View History Bookmarks Window Help ] < > CENGAGE MINDTAP Aplia Homework: Chapter 7 4. Consumer surplus for an individual and a market PRICE (Dollars per slice) 7.50 6.75 6.00 The following graph shows Amy's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. 5.25 4.50 3.75 3.00 2.25 1.50 Cengage Learning Demand Price BO Amy's Weekly Demand 27 A · 280 C NOV 8 Ang.cengage.com O Mind Tap - Cengage Learning ? tv ♫ Ć NA Q Search this course W (1) WhatsApp 00 G Wed Nov 8 4:30 DOCK + Amandeep X !
Safari File Edit View History Bookmarks Window
CENGAGE MINDTAP
Aplia Homework: Chapter 7
PRICE (Dollars per slice)
5.25
4.50
3.75
3.00
2.25
1.50
0.75
0
0
Cengage Learning
Demand
Price
2
4
A
12
+
14
6 8
10
QUANTITY (Slices of cheesecake)
27
16
18
280
1
20
Help
From the previous graph, you can tell that Amy is willing to pay $
$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $
Ang.cengage.com
Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Amy would receive a consumer surplus of $
slice of cheesecake she buys.
Mind Tap Cengage Learning
The following araph shows the weekly market demand for cheesecake in a small economy.
O
9
BO
NOV
8
for her 8th slice of cheesecake each week. Because she has to pay only
-
tv
♫
Q Search this course
from the 8th
NAO
(1) WhatsApp
W
Wed Nov 8 4:31
Ⓒ +
Amande
0 X
DOCX
expand button
Transcribed Image Text:Safari File Edit View History Bookmarks Window CENGAGE MINDTAP Aplia Homework: Chapter 7 PRICE (Dollars per slice) 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 0 Cengage Learning Demand Price 2 4 A 12 + 14 6 8 10 QUANTITY (Slices of cheesecake) 27 16 18 280 1 20 Help From the previous graph, you can tell that Amy is willing to pay $ $3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $ Ang.cengage.com Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Amy would receive a consumer surplus of $ slice of cheesecake she buys. Mind Tap Cengage Learning The following araph shows the weekly market demand for cheesecake in a small economy. O 9 BO NOV 8 for her 8th slice of cheesecake each week. Because she has to pay only - tv ♫ Q Search this course from the 8th NAO (1) WhatsApp W Wed Nov 8 4:31 Ⓒ + Amande 0 X DOCX
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