Question: Supply and Demand: End of Chapter Problem Let's think about the demand for LED TVs. a. If the price for a 60-inch LED TV is

Supply and Demand: End of Chapter Problem 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 gure for the total demand for LED TVs. At $800 per TV, 12,000 TVs were demanded. What would be the total consumer surplus (CS)? Calculate the total, and identify it on the diagram with the points A, B, and C. 2 3 4 5 6 7 8 910111213141516 Quantity(0005) Incorrect Newhart's consumer surplus: $ 2200 Total consumer surplus: 3; 25200000 c. Where is Newhart in the gure? Use the line segment N to show his position.

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