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

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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1. It is a hot day, and Seth is thirsty. Here is the value he places on each bottle of water. Value of first bottle P7 Value of second bottle P5 Value of third bottle P3 Value of fourth bottle P1 a. Form this information, derive Seth's demand schedule. Graph his demand curve for bottled water. b. If the price of a bottle of water is P4, how many bottles does Seth buy? How much consumer surplus does Seth get from his purchase? Show Seth's consumer surplus in your graph. c. If the price falls to P2, how does Seth's consumer surplus change? Show these changes in your graph.
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1. Determine the amount of consumer surplus generated in each of the following situations a. William goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10. At the cash register, he is told that his T-shirt is on sale for half the posted price. b. Sophia goes to the CD store hoping to find a used copy of the Eagles Greatest Hits for up to $10. The store has one copy selling for $10 c. After baseball practice, Nicholas is willing to pay $2 for a bottle of mineral water. The 7-Eleven sells mineral water for $2.25 a bottle.
3. Graph the demand curve and if the price is 6 please shade the consumer surplus. Explain. Price 0 2 4 6 8 10 12 Demand 60 50 40 30 20 10 0
4. Consumer surplus for an individual and a market The following graph shows Jacques's weekly demand for apple pie, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of apple pie is $3.00 per slice, as shown by the horizontal black line. Jacques's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4.50 Y-Intercept: 3 3.75 Price 3.00 225 1.50 0.75 10 12 14 16 18 20 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Jacques is willing to pay s for his 8th slice of apple pie each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of apple pie is s PRICE (Dollars per slice)
3. Graph the demand curve and if the price is 6 please shade the consumer surplus Price 0 2 4 6 8 10 12 Demand 60 50 40 30 20 10 0
a. Draw a supply-demand graph in the market for milk. Indicate equilibrium price and equilibrium quantity. b) in the same graph, indicate a price at which there is a surplus of milk. Show the surplus of milk in your graph.
The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- What is the consumer surplus on wallets? 16.00- What is the total expenditure on wallets? 14.00- What is the total benefit of wallets? Market 12.00- price .... 10.00- Draw a point that shows the quantity of wallets bought and the price paid. 8.00- Draw a shape that represents the consumer surplus. Label it CS. 6.00- 4.00- Draw a shape that represents total expenditure. Label it TE. 2.00- m 0.00- 30 Quantity (wallets per day) 15 45 60 75 90 105 The consumer surplus is $- As Total expenditure on wallets is >>> Draw only the objects specified in the question. SS Total benefit of wallets is $ O Time Remaining: 00:54:18 Next ced rse (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e
Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemand