Let€™s think about the demand for LED TVs.
a. If the price for a 60-inch LED TV is $800, and Newhart would be willing to pay $3,000, what is Newhart€™s consumer surplus?
b. Consider the following figure for the total demand for LED TVs. At $800 per TV, 1,200 TVs were demanded, what would be the total consumer surplus? Calculate the total, and identify it on the diagram.

c. Where is Newhart in the figure?

Transcribed Image Text:

Price $5,000 Demand for LED TVs 800 1,200 Quantity