graph shows the demand curve for blankets and the market price of a blanket. Next question 90 .... 75 aw a point that shows the value of the 40th blanket. Label it 1. aw a point that shows the willingness to pay for the 20th blanket. Label it 2. 60- raw an arrow to show the consumer surplus on the 20th blanket. Label it CS. 45- /hat is the consumer surplus on the 20th blanket? 30- he consumer surplus on the 20th blanket is $. 15-

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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Question 33r
The graph shows the demand curve for blankets and the market price of a blanket.
Next question
Price (dollars per blanket)
90-
75
Draw a point that shows the value of the 40th blanket. Label it 1.
Draw a point that shows the willingness to pay for the 20th blanket. Label it 2.
60-
Draw an arrow to show the consumer surplus on the 20th blanket. Label it CS.
45-
What is the consumer surplus on the 20th blanket?
Market
30
The consumer surplus on the 20th blanket is $.
price
D
15-
10
30
40
50
Quantity (blankets per day)
20
60
70
80
>>> Draw only the objects specified in the question.
O Time Remaining: 00:58:08
MacBook Pro
esc
@
#
$
1
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4
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8
Transcribed Image Text:The graph shows the demand curve for blankets and the market price of a blanket. Next question Price (dollars per blanket) 90- 75 Draw a point that shows the value of the 40th blanket. Label it 1. Draw a point that shows the willingness to pay for the 20th blanket. Label it 2. 60- Draw an arrow to show the consumer surplus on the 20th blanket. Label it CS. 45- What is the consumer surplus on the 20th blanket? Market 30 The consumer surplus on the 20th blanket is $. price D 15- 10 30 40 50 Quantity (blankets per day) 20 60 70 80 >>> Draw only the objects specified in the question. O Time Remaining: 00:58:08 MacBook Pro esc @ # $ 1 3 4 6. 8
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The consumer surplus is the gap between the maximum price consumer wants to pay and actual price consumer pays.

 

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