Question

The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for Blu-ray players. The market price of a Blu-ray player is shown by the black horizontal line at $150.
Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and blue (circle symbols) for Jake.

Answer 1

Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a Blu-ray player at a market price of $150. (Note: If a person will not purchase a Blu-ray player at the market price, indicate this by leaving his or her rectangle in its original position on the palette.

Answer 2

Based on the information on the previous graph, you can tell that will buy Blu-ray players at the given market price, and total consumer surplus in this market will be
$
.
Suppose the market price of a Blu-ray player increases to $250.
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 Blu-ray player at the new market price: orange (square symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and blue (circle symbols) for Jake. (Note: If a person will not purchase a Blu-ray player at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)