Let's think about the demand for LED TVs. a. If the price for a 60-inch LED TV is $800, and Newhart would be willing to

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Let S Think About The Demand For Led Tvs A If The Price For A 60 Inch Led Tv Is 800 And Newhart Would Be Willing To 1 (81.26 KiB) Viewed 22 times

Let's think about the demand for LED TVs. a. If the price for a 60-inch LED TV is $800, and Newhart would be willing to pay $3,000, what is Newhart's consumer surplus? b. Consider the following figure for the total demand for LED TVs. At $800 per TV, 12,000 TVs were demanded. What would be the total consumer surplus (CS)? Calculate the total, and identify it on the diagram with the points A, B, and C. 6,000 5,500 5,000 € 4,500 4,000 3,500 * $3,000 2,500 2,000 1,500 1,000 500 0 0 A NI B 1 2 3 4 5 6 7 8 9 Quantity (000s) N2 Price Demand 10 11 12 13 14 15 16 Newhart's consumer surplus: $ Total consumer surplus: $ 2200 25200000 c. Where is Newhart in the figure? Use the line segment N to show his position.