The image presents a task related to understanding the consumer surplus on the demand curve for ice cream cones. Here's a detailed description:**Instructions:**1. **Identify the Value of the 10th Ice Cream Cone:** - Draw a point that shows the value of the 10th ice cream cone. Label this point "1."2. **Identify the Willingness to Pay for the 20th Ice Cream Cone:** - Draw a point that shows the willingness to pay for the 20th ice cream cone. Label this point "2."3. **Indicate the Consumer Surplus:** - Draw an arrow that shows the consumer surplus on the 20th ice cream cone. Label this arrow "CS."4. **Calculate the Consumer Surplus:** - The consumer surplus on the 20th ice cream cone is represented by the amount in the box with the prompt ">>> Answer to 2 decimal places."**Graph Explanation:**- The graph depicts the demand curve for ice cream cones with price (in dollars per ice cream cone) on the y-axis and quantity (ice cream cones per day) on the x-axis. - A blue demand curve labeled "D" slopes downward, indicating the relationship between the price consumers are willing to pay and the quantity of ice cream cones.- A horizontal pink line represents the market price.**Additional Instructions:**- Follow the prompt below the graph: "Click the graph, choose a tool in the palette and follow the instructions to create your graph."This task aims to help students learn about consumer surplus related to demand and price.

When customers pay less for a good or service than they are willing to, this is known as a consumer…

The graph shows the demand curve for ice cream cones and the market price of an ice cream cone. Draw a point that shows the value of the 10th ice cream cone. Label it 1. Draw a point that shows the willingness to pay for the 20th ice cream cone. Label it 2. Draw an arrow that shows the consumer surplus on the 20th ice cream cone. Label it CS. The consumer surplus on the 20th ice cream cone is >>> Answer to 2 decimal places. 4.50 4.00- 3.50 3.00- 2.50 2.00- 1.50 1.00 0.50 0.00+ Price (dollars per ice cream cone) Market price 10 D 20 30 40 50 60 Quantity (ice cream cones per day) >>> Draw only the objects specified in the question. O

The graph shows the demand curve for ice cream cones and the market price of an ice cream cone. Draw a point that shows the value of the 10th ice cream cone. Label it 1. Draw a point that shows the willingness to pay for the 20th ice cream cone. Label it 2. Draw an arrow that shows the consumer surplus on the 20th ice cream cone. Label it CS. The consumer surplus on the 20th ice cream cone is >>> Answer to 2 decimal places. 4.50 4.00- 3.50 3.00- 2.50 2.00- 1.50 1.00 0.50 0.00+ Price (dollars per ice cream cone) Market price 10 D 20 30 40 50 60 Quantity (ice cream cones per day) >>> Draw only the objects specified in the question. O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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