The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice. The following graph shows the weekly market demand for cheesecake In a small economy.Use the purple polnt (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then,use the green polnt (triangle symbol) to shade the area representing additional consumer surplus when the price fals to $2.25 per slice.Small Economy's Wookly Damand7.506.75Iniial Consumar Surplus (P= $3.00)6.005.25Damand4.50Additional Cansumer Surplus (P= $2.25)3.75P= $3.003.002.25P= 12.251500.7520406080100 120 140160 180 200QUANTITY (Thousands of slices of choasacaka)PRICE (Dallars par slice)

Consumer surplus is the difference between what the consumer willing to pay or able to pay for goods…

he following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice.

he following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 23QP

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