Question: 1.10. Let's think about the demand for plasma TVs. a. If the price for a 50 plasma TV is $2,010, and Newhart would be willing

1.10. Let's think about the demand for plasma TVs.

a. If the price for a 50" plasma TV is $2,010, and Newhart would be willing to pay

$3,000, what is Newhart's consumer surplus?

b. Consider the figure below for the total de mand for plasma TVs. At $2,010 per TV, 1,200 TV s were demanded. What would be the total consumer surplus? Calculate the total and identify it on the diagram.

Price

$5,000 2,010 -------------

1,200 Quantity

c. Where is Newhart in the figure above?

Supply and Demand • CHAPTER 3 • 45

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