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How consuHow consumer surplus relates to values and costs The following graph shows the market for high heels. The downward-sloping (blue) line represents demand, and
How consuHow consumer surplus relates to values and costs The following graph shows the market for high heels. The downward-sloping (blue) line represents demand, and the upward-sloping (orange) line represents supply. The market is perfectly competitive and currently in equilibrium at a price of $240 per pair. On the graph, use the green point (triangle symbol) to shade in the area representing consumer surplus. Note: Select and drag a fill area point from the palette to the graph. To fill in regions on the graph, merely drop the fill area point on the desired region. CS 0 1 2 3 4 5 6 7 8 9 10 400 360 320 280 240 200 160 120 80 40 0 PRICE (Dollars per pair) QUANTITY (Thousands of pairs of high heels) At a price of $240, all consumers who choose to buy a pair of high heels value them at$240 or more . Given this information, consumer surplus in this market is $240,000 . (Hint: Note the units on the X-axis.) It must be the case that for each firm that produces high heels, themarginal cost of the last pair of high heels produced is $240 .mer surplus relates to values and
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