Question

View History Bookmarks Window Help % 41% D Mon 12:22 AM News Popular Pandora Nike Pg Yahoo! keranova Sharesite Mindrap Cengage Advising Question Youtube on Link Tecal Official Teasgow Battery Park.om - Dormity Dropping classes Writing Almert Drac 51009 Premar... Notification Apple Cilinreg Mall pulation param.. Music in the Rock « CENGAGE | MINDTAP Homework (Ch 07) Search this The following graph shows Dmitri's weekly demand for cheesecake, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Dmitri's Weekly Dema Depand PRICE (Dollars per slice) 18 20 6 .10 12 14 16 QUANTITY (Slices of cheesecake)

zoom into the pic

Answer 1

First graph says that Dmitri is willing to pay $3.75 for its 8th slice of cheesecake. This is the price corresponding to that quantity demanded. If the price of cheesecake is $3.00, then the consumer surplus at the 8th slice of cheesecake is $7.5.

When the price of cheesecake falls to $2.25, the consumer surplus obtained by consuming 8th slice of cheesecake is $18. The detail is given in the accompanying picture:

2rast tisol the This 2 1 6 8 10 12 14 16 18 20. The shaded area is the consumer susplus when consumer is consuning 8th slice of his cheesecake. is calculsted as a area of Rectlangle t prea - lengtis & breadth t lose & Height A La 0.75*8 + 1*0.75 *4 = $7.5 1 The kink shaded area gives the consumer suples when the consumer is consining 8th slice of cheesecake and price falls to $ 2.25. It can also be calculated at Area of Rectangle & Area of 4. 11.5) + 8 + t*(1.5) #8 : $18 •

SMALL ECONOMY's WEEKLY DEMAND 5-25+ & Initial consumer Surplus EP> $3.00) 13.45 → Additond Consuur supus 7 Pz $ 2.25) do 40 60 80 lub 120 140 160 180 200