Please help question 3

| Santa Fe College | C X SF McGraw Hill Connect X Question 3 - HW Market Effic ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F Saved V Market Efficiency 3 Refer to the figure. Market for Science Fiction Books $20 Tools $18 $16 CS CSadd Print $14 $12 CSnew Price (dollars) $10 $8 $6 $4 $2 D 1 2 3 4 5 6 8 9 10 Quantity (thousands of books) The graph represents the demand for science fiction books. a. If the market price is $10 per book, what is the consumer surplus created for consumers? Shade in this area on the graph. Instructions: Use the tool provided 'CS' to illustrate this area on the graph. Suppose the market price falls to $6 per book. Consumer surplus in the market will increase for two reasons. b. First, consumers will gain additional surplus on the books already purchased. What is the consumer surplus gain from the additional surplus on existing purchases? Shade in this area on the graph. Instructions: Use the tool provided 'CSadd' to illustrate this area on the graph. c. Second, consumers will gain surplus from the new books purchased. What is the consumer surplus gain from new book purchases? Shade in this area on the graph. Instructions: Use the tool provided 'CSnew' to illustrate this area on the graph