The 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 Meadville market price of a motor scooter is given by the horizontal black line at $60.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 (circle 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$60. (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.)160140PRICE (Dollars per motor scooter)120100602000Gilberto1Juanita2LorenzoNehaSam4QUANTITY (Motor scooters)5Market Price678GilbertoJuanitaLorenzoNehaSam ased on the information on the previous graph, you can tell that three consumers will buy motor scooters at the given market price, and totalonsumer surplus in this market will be $Suppose the market price of a motor scooter increases to $100.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.)160140PRICE (Dollars per motor scooter)1201008060402000Gilberto1Juanita2LorenzoNehaSam4QUANTITY (Motor scooters)5Market Price6GilbertoJuanitaLorenzoNehaSam

Consumer surplus is the difference between the maximum price consumers are ready to pay and the…

sed on the information on the previous graph, you nsumer surplus in this market will be $ uppose the market price of a motor scooter increas On the following graph, use the rectangles once aga purchase a motor scooter at the new market price: symbols) for Lorenzo, tan (dash symbols) for Neha, new market price, indicate this by leaving his or he 160 140 PRICE (Dollars per motor scooter) 120 100 80 60 40 20 0 0 Gilberto 1 Juanita 2 Lorenzo Neha Sam 3 4 5 QUANTITY (Motor scooters) E

sed on the information on the previous graph, you nsumer surplus in this market will be $ uppose the market price of a motor scooter increas On the following graph, use the rectangles once aga purchase a motor scooter at the new market price: symbols) for Lorenzo, tan (dash symbols) for Neha, new market price, indicate this by leaving his or he 160 140 PRICE (Dollars per motor scooter) 120 100 80 60 40 20 0 0 Gilberto 1 Juanita 2 Lorenzo Neha Sam 3 4 5 QUANTITY (Motor scooters) E

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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