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Consumer surplus for a group of consumers The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smartphones. The market price of a smartphone is shown by the black horizontal line at $120. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Kevin, green (triangle symbols) for Maria, purple (diamond symbols) for Rajiv, tan (dash symbols) for Simone, and blue (circle symbols) for Yakov. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a smartphone at a market price of $120. (Note: If a person will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

Consumer surplus for a group of consumers The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smartphones. The market price of a smartphone is shown by the black horizontal line at $120. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Kevin, green (triangle symbols) for Maria, purple (diamond symbols) for Rajiv, tan (dash symbols) for Simone, and blue (circle symbols) for Yakov. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a smartphone at a market price of $120. (Note: If a person will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 4P
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3. Consumer surplus for a group of consumers

The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smartphones. The market price of a smartphone is shown by the black horizontal line at $120.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Kevin, green (triangle symbols) for Maria, purple (diamond symbols) for Rajiv, tan (dash symbols) for Simone, and blue (circle symbols) for Yakov. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a smartphone at a market price of $120. (Note: If a person will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
Each rectangie you can place on the following graph corresponds to a particular buyer in this market: arange (square symbols) for Kevin, green (triangle symbols) for Maria, purpie (dlamand symbols) for Rajv, tan (dash symbals) for Simone, and blue (crcie symbols) for Yakov. Use the rectangles to shade the areas representing consumer surplus for each person who is wiWing and abie to purchase a smartphane at a market price of $120. (Note: If a persan will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its ariginal pasitian on the palette.) 240 Kevin 210 Maria Kevin 180 Rajiv 190 Maria Market Price 120 Simone Rajv Yakov Simone 30 1 2 4 Yakov QUANTITY (Smarphones) Based on the information on the previous graph, you can tell that will buy smartphones at the given market price, and total consumer surplus in this market will be Suppose the market price of a smartphone decreases to $60. On the following graph, use the rectangies ance again to shade the areas representing consumer surplus for each persan who is willing and able to purchase a smartphone at the new mavket price: orange (square symbais) for Kevin, green (triangie symbols) for Maria, purpie (diamand symbols) for Rajiv, tan (dash symbals) for Simone, and blue (circie symbols) for Yakov. (Note: If a person wi not purchase a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position an the palette.) 240 Kevin 210 Maria Kevin Rajiv 150 Maria 120 Simone Rajv Market Price Yakov Simone 30 D Yakov QUANTITY (Smarphones) Based on the information in the second graph, when the market price of a smartphone decreases to $60, the number of consumers willing to buy a smartphone v to , and total consumer surplus to PRICE (Dolars per smartphone) PRICE (Dollars per smartphone)
Transcribed Image Text:Each rectangie you can place on the following graph corresponds to a particular buyer in this market: arange (square symbols) for Kevin, green (triangle symbols) for Maria, purpie (dlamand symbols) for Rajv, tan (dash symbals) for Simone, and blue (crcie symbols) for Yakov. Use the rectangles to shade the areas representing consumer surplus for each person who is wiWing and abie to purchase a smartphane at a market price of $120. (Note: If a persan will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its ariginal pasitian on the palette.) 240 Kevin 210 Maria Kevin 180 Rajiv 190 Maria Market Price 120 Simone Rajv Yakov Simone 30 1 2 4 Yakov QUANTITY (Smarphones) Based on the information on the previous graph, you can tell that will buy smartphones at the given market price, and total consumer surplus in this market will be Suppose the market price of a smartphone decreases to $60. On the following graph, use the rectangies ance again to shade the areas representing consumer surplus for each persan who is willing and able to purchase a smartphone at the new mavket price: orange (square symbais) for Kevin, green (triangie symbols) for Maria, purpie (diamand symbols) for Rajiv, tan (dash symbals) for Simone, and blue (circie symbols) for Yakov. (Note: If a person wi not purchase a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position an the palette.) 240 Kevin 210 Maria Kevin Rajiv 150 Maria 120 Simone Rajv Market Price Yakov Simone 30 D Yakov QUANTITY (Smarphones) Based on the information in the second graph, when the market price of a smartphone decreases to $60, the number of consumers willing to buy a smartphone v to , and total consumer surplus to PRICE (Dolars per smartphone) PRICE (Dollars per smartphone)
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