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Supply and Demand: End of Chapter Problem From the following chart, draw the demand curve for pencils (in hundreds): 40 @ Macmillan Learning Price Quantity Demanded (100s) 35 $5 60 30 $15 45 $25 35 25 $35 20 Price ($) 20 10 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity (000s)Supply and Demand: End of Chapter Problem From the following chart, draw the demand curve for pencils (in hundreds): 40 Price Quantity Demanded (100s) 35 $5 60 30 $15 45 $25 35 25 $35 20 Price ($) 20 15 10 5 0 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity (000s)m Supply and Demand: End of Chapter Problem In Sucrosia, the supply curve for sugar is presented in both the graph and the table. E '1'acr'1illan Learnin Price (per lull-pound bag) $70 20.000 Price at sugar 0 5 10 15 20 25 Quantity of suger {Wills} Under pressure from nutrition activists, the government decides to tax sugar producers with a $5 tax per 100 pound bag. Using the graph, draw the new supply curve. After the tax is enacted, what price will bring forth quantities of 10,000? 15,000? 20,000? Price {per 100 pound bag) Quantity B 15,000 C 20,000 to Supply and Demand: End of Chapter Problem Learning Let's think about the demand for LED TVs. Macmillan 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 Newhart's consumer surplus: $ surplus? b. Consider the following figure for the total demand for LED TVs. At $800 per TV, 12,000 TVs were demanded. What Total consumer surplus: $ would be the total consumer surplus (CS)? Calculate the total, and identify it on the diagram with the points A, B, and C. c. Where is Newhart in the figure? Use the line segment N to show his position. 6,000 N1 N2 5,500 5,000 4,500 4,000 2,500 3,000 P2 500 2,000 1,500 1,000 Price 500 Demand 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16