Suppose the market price of a motor scooter increases to $100. On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at the new market price: orange (square symbols) for Bob, green (triangle symbols) for Cho, purple (diamond symbols) for Eric, tan (dash symbols) for Ginny, and blue (circle symbols) for Kenji. (Note: If a person will not purchase a motor scooter at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per motor scooter) 160 140 120 100 80 60 40 20 0 0 1 Bob 2 Cho Eric Ginny 4 5 3 QUANTITY (Motor scooters) Kenji to Market Price 6 7 8 Bob Cho Eric Ginny Kenji (?) Based on the information in the second graph, when the market price of a motor scooter increases to $100, the number of consumers willing to buy a , and total consumer surplus motor scooter to $ to

Suppose the market price of a motor scooter increases to $100. On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at the new market price: orange (square symbols) for Bob, green (triangle symbols) for Cho, purple (diamond symbols) for Eric, tan (dash symbols) for Ginny, and blue (circle symbols) for Kenji. (Note: If a person will not purchase a motor scooter at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) PRICE (Dollars per motor scooter) 160 140 120 100 80 60 40 20 0 0 1 Bob 2 Cho Eric Ginny 4 5 3 QUANTITY (Motor scooters) Kenji to Market Price 6 7 8 Bob Cho Eric Ginny Kenji (?) Based on the information in the second graph, when the market price of a motor scooter increases to $100, the number of consumers willing to buy a , and total consumer surplus motor scooter to $ to

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 2P

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