Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. Then use the green point (t
Posted: Wed Jul 06, 2022 6:17 pm
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Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Ⓒ PRICE (Dollars per laptop) 300 240- 210- $2&S R 150 0 0 Demand A Supply 30 60 90 120 150 100 210 240 270 300 QUANTITY (Millions of laptops) Total surplus in this market is $ million. Equilibrium A Consumer Surplus Producer Surplus
Suppose that the following graph shows a free market equilibrium, with Qe as the equilibrium quantity. PRICE X QUANTITY Supply Demand © For an output level exactly at Qg, the value of a unit to a buyer is Suppose a firm that produces for this market employs a private security force that makes town residents, many of whom have no business with the company, feel safer. This scenario is characterized by which is an example of the cost of a unit to a seller.
Consider the market for antique cars. The market price of each antique car is $135,000, and each buyer demands no more than one antique car. Suppose that Gilberto is the only consumer in the antique car market. His willingness to pay for an antique car is $270,000. Based on Gilberto's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Gilberto's consumer surplus using the green rectangle (triangle symbols). 340 315 270 PRICE (Thousands of dollars) 8 225 100 135 45 Gilberto's Demand QUANTITY (Antique cars) Market Price Gilberto's Consumer Surplus Now, suppose another buyer, Juanita, enters the market for antique cars, and her willingness to pay is $225,000.
Based on Juanita's and Gilberto's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Gilberto's consumer surplus using the green rectangle (triangle symbols), and shade Juanita's consumer surplus using the purple rectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically. PRICE (Thousands of dollars) 360 315 270 225 100 90 G 45 0 True -3 QUANTITY (Antique cars) False Market Price Demand Curve Gilberto's Consumer Surplus Suppose Lorenzo is willing to pay a total of $90,000 for an antique car. True or False: Keeping his maximum willingness to pay for an antique car in mind, Lorenzo will not buy the antique car because it would be worth less to him than its market price of $135,000. Juanita's Consumer Surplus