23. Let's think about the demand for LED TVs. a. If the price for a 60-inch LED TV is $800, and Newhart would be willing to pay $3,000, what is Newhart's consumer Newhart's consumer surplus: $ surplus? b. Consider the following figure for the total demand for LED TVs. At $800 per TV, 1,200 TVs were demanded. Total consumer surplus: $ What would be the total consumer surplus (CS)? Calculate the total, and identify it on the diagram with the points A, B, and C.

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
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23. Let's think about the demand for LED TVs.
a. If the price for a 60-inch LED TV is $800, and Newhart
would be willing to pay $3,000, what is Newhart's consumer
Newhart's consumer surplus: $
surplus?
b. Consider the following figure for the total demand for
LED TVs. At $800 per TV, 1,200 TVs were demanded.
Total consumer surplus: $
What would be the total consumer surplus (CS)? Calculate
the total, and identify it on the diagram with the points A, B,
and C.
Transcribed Image Text:23. Let's think about the demand for LED TVs. a. If the price for a 60-inch LED TV is $800, and Newhart would be willing to pay $3,000, what is Newhart's consumer Newhart's consumer surplus: $ surplus? b. Consider the following figure for the total demand for LED TVs. At $800 per TV, 1,200 TVs were demanded. Total consumer surplus: $ What would be the total consumer surplus (CS)? Calculate the total, and identify it on the diagram with the points A, B, and C.
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