Market for Hot Chocolate $7.00 $6.00 $5.00 $4.00 Price $3.00 $2.00 $1.00 $0.00 50 100 150 200 250 Quantity Consider the market for hot chocolate depicted above. What is the maximum total surplus that can be reached through this market? 400 O200 Oo 10018 16 14 S 12 10 Price D N 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Quantity Consider the market for computer games in the graph above. Suppose the government sets a price floor at $12 per game. At the same time the quantity supplied decreases by 15 games at each price as a result of an increase in input costs. What is the resulting surplus quantity from this policy after the shift in the supply curve? 15 30 There is no surplus quantity 45Market for Lattes $7.00 $6.00 $5.00 $4.00 Price (per latte) $3.00 $2.00 $1.00 D $0.00 0 5 10 15 20 25 30 35 40 45 50 55 60 Quantity of Lattes (cups) Consider the market for lattes shown in the graph above. What is the change in producer surplus if a price floor of $2 is enforced? $25 $35 O $10Price Quantity Demanded $40 5 $50 4 $60 3 $70 1 $80 O Consider the demand schedule given above constructed by the willingness to pay of a group of five individuals. Assume a step-wise demand curve where each individual demands just 1 unit of the good. Which of the following is true? Four people have a willingness to pay equal to $50 Four people have a willingness to pay that is greater than or equal to $50 Eight people have a willingness to pay that is greater than or equal to $50 Five people have a willingness to pay that is greater than or equal to $50