(ALL CREDIT GOES TO CENGAGE)The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meadville, a small town located in Pennsylvania. The Meadville market price of a bluetooth speaker is given by the horizontal black line at $180.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Nick, green (triangle symbols) for Rosa, purple (diamond symbols) for Tim, tan (dash symbols) for Alyssa, and blue (circle symbols) for Brian. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a market price of $180. (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)(images below) Based on the information on the previous graph, you can tell that _________ will buy bluetooth speakers at the given market price, and total consumer surplus in this market will be $________. Suppose the market price of a bluetooth speaker increases to $300.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 bluetooth speaker at the new market price: orange (square symbols) for Nick, green (triangle symbols) for Rosa, purple (diamond symbols) for Tim, tan (dash symbols) for Alyssa, and blue (circle symbols) for Brian. (Note: If a person will not purchase a bluetooth speaker at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) (image below) Based on the information in the second graph, when the market price of a bluetooth speaker increases to $300, the number of consumers willing to buy a bluetooth speaker ________ to _________ , and total consumer surplus ______ to $_______. PRICE (Dollars per bluetooth speaker)48042036030024018012060001NickRosaTim2 3Alyssa5Brian4QUANTITY (Bluetooth speakers)Market Price678ם-םNickRosaTimAlyssaBrian? PRICE (Dollars per bluetooth speaker)48042036030024018012060001NickRosa23TimAlyssa546QUANTITY (Bluetooth speakers)BrianMarket Price78NickRosaTimAlyssaBrian?

Question

(ALL CREDIT GOES TO CENGAGE)The following graph plots the demand curve (blue line) for several consumers in the market for bluetooth speakers in Meadville, a small town located in Pennsylvania. The Meadville market price of a bluetooth speaker is given by the horizontal black line at $180.Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Nick, green (triangle symbols) for Rosa, purple (diamond symbols) for Tim, tan (dash symbols) for Alyssa, and blue (circle symbols) for Brian. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a bluetooth speaker at a market price of $180. (Note: If a person will not purchase a bluetooth speaker at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)(images below) Based on the information on the previous graph, you can tell that _________ will buy bluetooth speakers at the given market price, and total consumer surplus in this market will be $________. Suppose the market price of a bluetooth speaker increases to $300.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 bluetooth speaker at the new market price: orange (square symbols) for Nick, green (triangle symbols) for Rosa, purple (diamond symbols) for Tim, tan (dash symbols) for Alyssa, and blue (circle symbols) for Brian. (Note: If a person will not purchase a bluetooth speaker at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) (image below) Based on the information in the second graph, when the market price of a bluetooth speaker increases to $300, the number of consumers willing to buy a bluetooth speaker ________ to _________ , and total consumer surplus ______ to $_______. PRICE (Dollars per bluetooth speaker)48042036030024018012060001NickRosaTim2 3Alyssa5Brian4QUANTITY (Bluetooth speakers)Market Price678ם-םNickRosaTimAlyssaBrian? PRICE (Dollars per bluetooth speaker)48042036030024018012060001NickRosa23TimAlyssa546QUANTITY (Bluetooth speakers)BrianMarket Price78NickRosaTimAlyssaBrian?

Accepted Answer

Consumer surplus is the difference between maximum price consumer is willing to pay and market price…