Chapter 07 Homework Based on the information on the previous graph, you can tell that will buy bluetooth speakers at the given market price, and total consumer surplus in this market will be $ Suppose the market price of a bluetooth speaker decreases to $125. 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 bluetooth speaker at the new market price: orange (square symbols) for Sean, green (triangle symbols) for Yvette, purple (diamond symbols) for Bob, tan (dash symbols) for Cho, and blue (circle symbols) for Eric. (Note: If a person will not purchase a bluetooth speaker at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 Sear 350 Sean Yvette 300 Bob Yvette PRICE (Dollars per bluetooth speaker Cho Bob Market Price Eric Cho O O 2 5 Eric QUANTITY (Bluetooth speakers) * CO of LO * m O W I LL E Z CO XChapter 07 Homework symbols) for Bob, tan (dash symbols) for Cho, and blue (circle symbols) for Eric. (Note: If a person will not purchase a bluetooth speaker at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 Sear 350 Sean Yvette 300 Bob 250 Yvette PRICE (Dollars per bluetooth speaker Cho Bob Market Price Eric Cho o 2 3 5 Eric QUANTITY (Bluetooth speakers) Based on the information in the second graph, when the market price of a bluetooth speaker decreases to $125, the number of consumers willing to to buy a bluetooth speaker to , and total consumer surplus Grade It Now Save & Continue Continue without saving 69 LO O I LL Z XCourse H CENGAGE | MINDTAP Chapter 07 Homework 3. Consumer surplus for a group of consumers The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meade, a small town located in Kansas. The Meade market price of a bluetooth speaker is given by the horizontal black line at $225. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) kor Sean, green (triangle symbols) for Yvette, purple (diamond symbols) for Bob, tan (dash symbols) for Cho, and blue (circle symbols) for Eric. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a market price of $225 (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) 400 Sea 350 Sean Yvette Bob Market Price Yvette PRICE (Dollars per bluetooth speaker Cho Bob Eric Cho O 2 5 6 QUANTITY (Bluetooth speakers) * CO - O OR LO O W Y I LL 3 Z