Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit? Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit? Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit, What will happen to consumer surplus?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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4) Use the figure below to answer the following questions.

 

Figure 1

  • Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit?

  • Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit?

  • Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit,

What will happen to consumer surplus?   

Price (dollars per unit)
18
11
4
D
7
14
Quantity (units)
Figure 1
Transcribed Image Text:Price (dollars per unit) 18 11 4 D 7 14 Quantity (units) Figure 1
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