:Observe the graph given below and answer the following questions .5 Consumer Surplu at Price 8 Price F E Demand Q1 Q2 Quantity ?a. When the price is 8, What is the area of initial consumer surplus ?b. When the price is 4, What is the area of additional consumer surplus to the initial consumer ?c. When the price is 4, What is the area of consumer surplus to the new consumer. d. When the price decreases from 8 to 4, What happens to the consumer surplus? Increase or ?decrease 00

:Observe the graph given below and answer the following questions .5 Consumer Surplu at Price 8 Price F E Demand Q1 Q2 Quantity ?a. When the price is 8, What is the area of initial consumer surplus ?b. When the price is 4, What is the area of additional consumer surplus to the initial consumer ?c. When the price is 4, What is the area of consumer surplus to the new consumer. d. When the price decreases from 8 to 4, What happens to the consumer surplus? Increase or ?decrease 00

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 11P

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