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

16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)

3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meade, a small town located in Kansas. The Meade market price of a motor scooter is given by the horizontal black line at $80. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Dmitri, green (triangle symbols) for Frances, purple (diamond symbols) for Jake, tan (dash symbols) for Latasha, and blue (circle symbols) for Nick. Use the rectangles 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 $80. (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 on the palette.) PRICE (Dollars per motor scooter) 160 140 120 Dmitri Frances Jake 100 80 60 40 20 Dmitri Frances Market Price…

3. a. Illustrate a demand curve for Chobani Yogurt. Label your axes appropriately. b. The graph below depicts a demand curve. IT c. The graph below depicts a demand curve. Q

1. Consider the markets for Streaming Services, Cable TV and Pizza a. Complete the following sentences: Streaming Services and Cable TV are are____________(Complements/Substitutes), but Cable TV and Pizza are _(Complements/Substitutes) b. If the price of Streaming________ (increase/decrease), the price of Cable TV will (increase/decrease), c. If the price of Streaming_____ (increase/decrease the price of Pizza will (increase/decrease) d. Because Streaming and Cable TV are close (Complements/Substitutes), the Demand for Streaming is (Elastic/Inelastic)

6. Consumer Surplus Cho buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is If she had bought the iPhone on sale for $180, her consumer surplus would have been If the price of the iPhone had been $420, her consumer surplus would have been S

Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is   .   If she had bought the iPhone on sale for $180, her consumer surplus would have been   .   If the price of the iPhone had been $500, her consumer surplus would have been

q21- If Amy is willing to pay $800 for a new dress but is able to buy the dress for $600, her consumer surplus is: Select one: a. $600 b. $200 c. $800 d. $1400

Price $6 5 4 3 2 1 D 10 20 30 40 50 60 Quantity If the price of the good increases from $3 to $4, consumer surplus will decrease by: a. $15 b. $25 c. $20 d. $5 X e. $10

8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 Demand 0 Supply 40 4 80 120 160 200 240 280 320 360 QUANTITY (Millions of headsets) Total surplus in this market is $ 400 million. Equilibrium A Consumer Surplus ◇ Producer Surplus