From the previous graph, you can tell that Teresa is willing to pay s for her 8th slice of cheesecake each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $ Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Teresa would receive a consumer surplus of $ from the 8th slice of cheesecake she buys. The following graph shows the weekly market demand for cheesecake in a small economy.
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- 4. Consumer surplus for an individual and a market The following graph shows Becky'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. PRICE (Dollars per slice) 7.50 6.75 6.00 + 5.25 Demand 4.50 + 3.75 3.00 2.25 + 1.50 + 0.75 + 0 0 Price 2 Becky's Weekly Demand P 4 6 8 10 12 14 QUANTITY (Slices of cheesecake) 16 18 20 ? From the previous graph, you can tell that Becky is willing to pay for her 8th slice of cheesecake each week. Because she has to pay only $3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $ Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Becky would receive a consumer surplus of S 8th slice of cheesecake she buys. from theSuppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $5.75$5.75. Michelle was willing to pay up to $7.75$7.75 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $2.25$2.25 for the cappuccino. Based on this information, answer the following questions. Michelle's consumer surplus: $ Paul's Cafe and Bakery's producer surplus: $The following graph shows Hilary'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 From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $_______. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Hilary would receive a consumer surplus of $_______.from the 8th slice of cheesecake she buys.The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the…
- The following graph shows Raphael'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. Raphael's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4.50 3.75 Price 3.00 2.25 1.50 0.75 4 10 12 14 16 18 20 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Raphael 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 Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Raphael would receive a consumer surplus of 5 from the 8th slice of apple pie he buys. The following graph shows the weekly market demand for apple pie in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of apple pie is $3.00 per slice.…Calculate consumer surplus based on a graph or table.3. Individual and market demand Suppose that Darnell and Eleanor are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Darnell's Quantity Demanded Eleanor's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 8 14 2 6 10 3 4 6 4 2 3 1 On the following graph, plot Darnell's demand for pizza slices using the green points (triangle symbol). Next, plot Eleanor's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.
- 2. Individual and market demand Suppose that Brian and Crystal are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price (Dollars per slice) PRICE (Dollars per slice) 6 5 Y 0 1 0 2 3 4 5 Brian's Quantity Demanded (Slices) 8 5 3 4 On the following graph, plot Brian's demand for pizza slices using the green points (triangle symbol). Next, plot Crystal's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). 8 1 12 0 16 QUANTITY (Slices) Crystal's Quantity Demanded (Slices) 16 20 12 24 8 6 4 Brian's Demand Crystal's Demand Market Demand ? Now, suppose that Crystal moves away, leaving Brian as the only consumer in the market. As a result, there will be a market demand curve because there will be a change in quantity demanded thequantity of bread 100 90 80 70 60 50 40 30 20 10 B 10 20 30 40 50 60 7080 quantity of apples Juan is a consumer of apples and bread. Juan shifts his consumption bundle from point B to point A. Which of the following is true? Juan's demand curve for apples shifted left and demand curve for bread shifted right. Juan's demand curve for both apples and bread shifted right. Juan's demand curve for apples shifted left and demand curve for bread shifted left. Juan's demand curve for apples shifted right and demand curve for bread shifted left.There are three consumers in the market for potato chips; Don, Peggy, and Pete. The following table displays each consumers' demand schedule for potato chips. For each blank space, type in the correct answer (write your answer as a number). Price per bag ($) .25 .50 .75 1.00 1.25 1.50 Don's demand 7 6 5 4 3 2 Peggy's demand 10 8 6 4 2 0 Pete's demand 6 5 4 3 2 1 a) At a price of $0.75 per bag, the quantity demanded by the market is [Select] units of potato chips. b) Suppose that the price of potato chips is initially $0.75 and increases to $1.25. There is [Select] by the market that is equal to [Select] units of potato chips. c) Suppose that Pete decides to go on a diet and will no longer purchases potato chips at any price. In addition, after Pete has left the market, suppose that we observe that the quantity of potato chips demanded by the market is equal to 14 units. We can therefore infer that the market price is [Select]
- Q28 Describe where consumer surplus is on the graph (use words or you can also draw and attach a drawing or photo of a drawing).2. Individual and market demand Suppose that Sean and Yvette are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price (Dollars per pair) 10 20 30 40 50 PRICE (Dollars per pair) On the following graph, plot Sean's demand for shoes using the green points (triangle symbol). Next, plot Yvette's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). (?) 60 50 30 20 10 0 0 16 Sean's Quantity Demanded Yvette's Quantity Demanded (Pairs) (Pairs) 32 64 20 48 12 32 4 24 0 16 32 48 64 QUANTITY (Pairs) 80 96 Sean's Demand Yvette's Demand O Market Demand Now, suppose that Yvette's twin brother, who likes shoes just as much a Yvette, moves to the area, adding another consumer in the market. As a result, there will be a ▼ the market demand curve because there will be a change in quantity demandedSuppose that a consumer perceives X and AOG (all other goods) to be perfect (one-for-one) substitutes. The consumer has an income of $100 and the price of x is 80 cents. If the price of x rises to 1.20, what is the resulting change in consumer surplus? Show work and explain