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Figure 7-30 Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much is the change in total consumer surplus in the market? -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much is the change in total consumer surplus in the market?

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Consumer surplus increases by $1,000.

Figure 7-33 Figure 7-33 -Refer to Figure 7-33.How much is total consumer surplus in this market at the equilibrium price? -Refer to Figure 7-33.How much is total consumer surplus in this market at the equilibrium price?

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Total consumer surpl...

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Scenario 7-1 Suppose market demand is given by the equation Scenario 7-1 Suppose market demand is given by the equation -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,how much consumer surplus do consumers entering the market after the price drop receive? -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,how much consumer surplus do consumers entering the market after the price drop receive?

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The consumers enteri...

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Scenario 7-2 Suppose market demand and market supply are given by the equations: Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total producer surplus increase as a result of this supply shift? -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total producer surplus increase as a result of this supply shift? By how much does total producer surplus increase as a result of this supply shift?

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Total producer surplus prior t...

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Figure 7-33 Figure 7-33 -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total surplus in this market at the new equilibrium price? -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total surplus in this market at the new equilibrium price?

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Total surplus at the...

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Figure 7-31 Figure 7-31 -Refer to Figure 7-31.If the market equilibrium price rises from $25 to $35,how much is the producer surplus for the producers entering the market after the price increase? -Refer to Figure 7-31.If the market equilibrium price rises from $25 to $35,how much is the producer surplus for the producers entering the market after the price increase?

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The producer surplus...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase? -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase?

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With the removal of the price ...

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Figure 7-33 Figure 7-33 -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total consumer surplus in this market at the new equilibrium price? -Refer to Figure 7-33.Suppose demand shifts such that consumers wish to purchase 12 fewer units at every price.How much is total consumer surplus in this market at the new equilibrium price?

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Total consumer surpl...

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Figure 7-31 Figure 7-31 -Refer to Figure 7-31.If the market equilibrium price is $35,how much is total producer surplus in this market? -Refer to Figure 7-31.If the market equilibrium price is $35,how much is total producer surplus in this market?

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Total prod...

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If John's willingness to pay for a good is $20 and the price of the good is $15,how much is John's consumer surplus from purchasing the good?

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Consumer surplus is $5.

Scenario 7-2 Suppose market demand and market supply are given by the equations: Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total consumer surplus increase as a result of this supply shift? -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total consumer surplus increase as a result of this supply shift? By how much does total consumer surplus increase as a result of this supply shift?

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Total consumer surplus prior t...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.How much is total producer surplus with the price ceiling in place? -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.How much is total producer surplus with the price ceiling in place?

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Total producer surpl...

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Figure 7-31 Figure 7-31 -Refer to Figure 7-31.If the market equilibrium price is $25,how much is total producer surplus in this market? -Refer to Figure 7-31.If the market equilibrium price is $25,how much is total producer surplus in this market?

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Total prod...

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Figure 7-30 Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much is the increase in consumer surplus to the consumers who were initially in the market at the $120 price? -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much is the increase in consumer surplus to the consumers who were initially in the market at the $120 price?

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Consumer surplus inc...

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Answer each of the following questions about supply and producer surplus. a.What is producer surplus,and how is it measured? b.What is the relationship between the cost to sellers and the supply curve? c.Other things equal,what happens to producer surplus when the price of a good rises? Illustrate your answer on a supply curve.

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a.
Producer surplus measures the benefit...

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Scenario 7-1 Suppose market demand is given by the equation Scenario 7-1 Suppose market demand is given by the equation -Refer to Scenario 7-1.If the market equilibrium price rises from $10 to $15,what is the change in total consumer surplus in the market? -Refer to Scenario 7-1.If the market equilibrium price rises from $10 to $15,what is the change in total consumer surplus in the market?

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Consumer s...

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Scenario 7-1 Suppose market demand is given by the equation Scenario 7-1 Suppose market demand is given by the equation -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,how much additional consumer surplus do consumers initially in the market at the $10 price receive? -Refer to Scenario 7-1.If the market equilibrium price falls from $10 to $5,how much additional consumer surplus do consumers initially in the market at the $10 price receive?

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The consumers initially in the market at a price of $10 receive an additional $100 in consumer surplus.

Given the following two equations: 1)Total Surplus = Consumer Surplus + Producer Surplus 2)Total Surplus = Value to Buyers - Cost to Sellers Show how equation (1)can be used to derive equation (2).

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Start with the equation: Total Surplus =...

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Figure 7-34 Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.If the government removed the price ceiling,by how much would total producer surplus change? -Refer to Figure 7-34.Suppose there is initially a price ceiling set at $4 in this market.If the government removed the price ceiling,by how much would total producer surplus change?

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Total producer surplus with th...

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Scenario 7-2 Suppose market demand and market supply are given by the equations: Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total consumer surplus increase for those consumers who were already willing to purchase the good with the original supply curve? -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.Suppose a reduction in input prices shifts the market supply curve to By how much does total consumer surplus increase for those consumers who were already willing to purchase the good with the original supply curve? By how much does total consumer surplus increase for those consumers who were already willing to purchase the good with the original supply curve?

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For those consumers already in...

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