10 Questions
What happened to consumers' marginal benefits from a laptop in the market?
Decreased by $100 at each given quantity
How did the equilibrium price change in the market for laptops?
Decreased to $460
What happened to the equilibrium quantity of laptops in the market?
Decreased to 1,600
How did the consumer surplus change in the new equilibrium?
$800
What impact did the changes have on total economic surplus in the market?
Decreased
In the new equilibrium, the consumer surplus is $ blank1
360,000
In the new equilibrium, the producer surplus is $ blank2
320,000
In the new equilibrium, the total economic surplus is $ blank3
680,000
Consumers’ marginal benefits from a laptop decreased by $ blank4 at each given quantity
100
The equilibrium price fell to $ blank5 in the new equilibrium
460
Test your knowledge on market equilibrium and surplus analysis by solving this quiz. The quiz presents a scenario where consumers' marginal benefits from laptops decrease, leading to a new equilibrium price and quantity. Calculate the consumer surplus, producer surplus, and total economic surplus in the new equilibrium.
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