The stuff above the 1st graph says: The following graph plots the demand curve (blue line) for several consumers in the market for VR headsets in Mead, a small town located in Colorado. The Mead market price of a VR headset is given by the horizontal black line at $240. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Sam, green (triangle symbols) for Teresa, purple (diamond symbols) for Andrew, tan (dash symbols) for Beth, and blue (circle symbols) for Darnell. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a VR headset at a market price of $240. (Note: If a person will not purchase a VR headset at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)
YOU MUST ANSWER BOTH GRAPHS AND ALL THE BOXES. DO NOT JUST ANSWER THE BOXES PLEASE. ANSWER BOTH GRAPHS AS WELL. IF YOU ARE WRONG OR DO NOT ANSWER THE QUESTION I WILL DISLIKE.
48D 420 Teresa Sam 300 VR Teresa Market Price 00 180 Beth Andrew 120 Darnell Beth 60 5 6 QUANTITY(VR headsets) Darnell
Based on the information on the previous graph, you can tell that three consumers will buy VR headsets at the given market price, and total consumer surplus in this market will be
Suppose the market price of a VR headset decreases to $120. 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 VR headset at the new market price orange (square symbols) for Sam, green (triangle symbols) for Teresa, purple (diamond symbols) for Andrew, tan (dash symbols) for Beth, and blue (circle symbols) for Darnell. (Note: If a person will not purchase a VR headset at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.)
480 Sam 420 Teresa Sam 360 (espeen 300 Andrew Teresa 240 0 180 ICE $20 Beth Andrew Market Price Darnell Beth 60 3 6 QUANTITY (VR headsets) Darnell
Based on the information in the second graph, when the market price of a VR headset decreases to $120, the number of consumers willing to buy a VR headset decreases to two consumers and total consumer surplus increases to