(Solved):   13. Consumer surplus for a group of consumers The following graph shows the demand curve f ...

 

13. Consumer surplus for a group of consumers The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smart phones. The market price of a smart phone is shown by the black horizontal line at \( \$ 120 \). Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Charles, green (triangle symbols) for Dina, purple (diamond symbols) for Gilberto, tan (dash symbols) for Juanita, and blue (circle symbols) for Lorenzo. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a smart phone at a market price of \( \$ 120 \). (Note: If a person will not purchase a smart phone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) Hint: You can view the area of a rectangle by clicking the rectangle after you have plotted it. Based on the information on the previous graph, you can tell that will buy smart phones at the given market price, and total consumer surplus in this market will be Suppose the market price of a smart phone decreases to \( \$ 60 \). purchase a smart phone at the new market price: orange (square symbols) for Charles, green (triangle symbols) for Dina, purple (diamond symblist for Gilberto, tan (dash symbols) for Juanita, and blue (circle symbols) for Lorenzo. (Note: If a person will not purchase a smart phone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) Based on the information in the second graph, when the market price of a smart phone decreases to \( \$ 60 \), the number of consumers willing to buy a smart phone to , and total consumer surplus to