the graph above shows rubens demand for ice - cream cones curve. if the market price is $3.00, what is…

Explanation:

Step1: Recall consumer - surplus formula

Consumer surplus is the area between the demand curve and the market - price line up to the quantity demanded. The formula for the area of a triangle is $A=\frac{1}{2}bh$, where $b$ is the base and $h$ is the height.

Step2: Determine the quantity demanded at $P = 3.00$

From the graph, when the price $P = 3.00$, the quantity demanded $Q = 2$.

Step3: Find the maximum price Ruben is willing to pay for the first unit

The maximum price Ruben is willing to pay for the first unit is $4.00$.

Step4: Calculate the consumer surplus

The height of the consumer - surplus triangle is the difference between the maximum price Ruben is willing to pay for the first unit ($4.00$) and the market price ($3.00$), so $h=4 - 3=1$. The base of the triangle is the quantity demanded, $b = 2$. Using the area formula $A=\frac{1}{2}bh$, we have $A=\frac{1}{2}\times2\times1 = 1$.

Answer:

$1.50$