(Solved): The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) ...

The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for smartphones. The market price of a smartphone is shown by the black horizontal line at $120. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and blue (circle symbols) for Jake. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a smartphone at a market price of $120. (Note: If a person will not purchase a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) ? 240 Antonio 210 180 150 PRICE (Dollars per smartphone) 60 30 0 0 1 Caroline Dmitri Frances Jake Market Price 3 4 5 6 QUANTITY (Smartphones) 7 8 Antonio Caroline Dmitri Frances Jake will buy smartphones at the given market price, and total Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ Suppose the market price of a smartphone decreases to $60. On the following graph, use the rectangles once again to shade the areas representing consumer surplus for each person who willing and able to purchase a smartphone at the new market price: orange (square symbols) for Antonio, green (triangle symbols) for Caroline, purple (diamond symbols) for Dmitri, tan (dash symbols) for Frances, and blue (circle symbols) for Jake. (Note: If a person will not purchase a smartphone at the new market price, indicate this by leaving his or her rectangle in its original position on the palette.) 240 Antonio 210 Antonio 180 150 Caroline Dmitri Market Price Frances 0 1 2 4 5 6 7 8 Jake QUANTITY (Smartphones) Based on the information in the second graph, when the market price of a smartphone decreases to $60, the number of consumers willing to buy a smartphone , and total consumer surplus to to PRICE (Dollars per smartphone) 90 30 0 Caroline Dmitri Frances Jake