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Supply and Demand: End of Chapter Problem Learning The following table displays prices per 100 pencils and the corresponding quantities supplied in hundreds of pencils. 70 A B C D 65 Macmillan Draw the supply curve for pencils. 60 55 50 Price Quantity Supplied A $5 20 Price of pencils ($ per hundred) B $15 40 C $25 50 D $35 55 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 Quantity of pencils (hundreds)Supply and Demand: End of Chapter Problem ning Your roommate just bought a Tom Tom Spark GPS fitness watch for $135.00. She wanted a device that could improve her morning runs by measuring the speed, distance, and duration of the runs, and calculating her calories burned. She would have been willing to pay $225.00 for a device that could accomplish these tasks. How much consumer surplus does your roommate enjoy from the TomTom Spark watch? Consumer surplus = $Supply and Demand: End of Chapter Problem Price Income increases, and the demand for good X shifts as shown in the figure. @ Macmillan Learning Good X is Demand with low income O an inferior good. O a normal good. Demand with high income Quantity The good most likely to be the same type of good as good X is O public transportation. O a Ferrari.on Suppl},r and Demand: End of Chapter Problem The economist Bryan Caplan recently found a pair of $10 arch supports that saved him from the pain of major foot surgery. As he stated on his blog (econlogeconliborg), he would have been willing to pay $100,000 to x his foot problem. Instead, he paid only a few dollars. millan Learnin \"a: a a. How much consumer surplus did Bryan enjoyr from b. If the sales tax was 5 percent on this product. how much revenue did the government raise when Bryan bought his $ l:| arch supports? c. If the government could have taxed Bryan based on his willingness to pay rather than on how much he actually paid. $ |:| how much sales tax would Bryan have had to pay? Supply and Demand: End of Chapter Problem The following table displays prices per 100 pencils and the corresponding quantities supplied in hundreds of pencils. 70 65 Draw the supply curve for pencils. @Macm Price Quantity Supplied A $5 20 Price of pencils ($ per hundred) B $15 40 C $25 50 D $35 55 10 15 20 25 30 35 40 45 50 55 60 65 70 Quantity of pencils (hundreds) Q SearchSupply and Demand: End of Chapter Problem The following table displays prices per 100 pencils and the corresponding quantities supplied in hundreds of pencils. Macmillan Lear Draw the supply curve for pencils. Price Quantity Supplied $5 20 B $15 Price of pencils (S per hundred) 10 C $25 50 D $35 155 10 15 20 25 30 35 40 45 50 55 60 65 70 Quantity of pencils (hundreds) Q SearchX + Supply and Demand: End of Chapter Problem The following table displays prices per 100 pencils and the corresponding quantities supplied in hundreds of pencils. A B Draw the supply curve for pencils. Macmil Price Quantity Supplied A $5 20 B $15 40 Price of pencils (S per hundred) C $25 50 $35 55 15 20 25 80 35 40 45 Quantity of pencils (hundreds) Q SearchU Supply and Demand: End of Chapter Problem The following table displays prices per 100 pencils and the corresponding quantities supplied in hundreds of pencils. UB Draw the supply curve for pencils. Price Quantity Supplied A $5 20 Price of pencils ($ per hundred) B 40 C $25 50 D 155 15 2025 Quantity of pencils (hundreds) + Q Search