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 figure for the total demand for LED TVs. At $800 per TV, 1,200 TVs were demanded. What would be the total consumer surplus? Calculate the total, and identify it on the diagram.
c. Where is Newhart in the figure?
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