1,050,000 1,000,000 950,000- Price (dollars per car) 900,000- so850,000- 800,000 0750,000- 700,000- 650,000- 600,000+ 0 Fred 8 1 Michel Hua Carlos John Marty Bob Blaise Quantity Demanded(cars per year) If the price of a Spyder drops to $650,000, Instructions: Enter your responses as a whole number. a. how many Spyders can be sold at that price? b. how much consumer surplus will there be if all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (= price * quantity) will the car dealer get if he sells all the cars at (i) the same price ($650,000)? $ 5200000 (ii) the maximum price each buyer is willing to pay?

1,050,000 1,000,000 950,000- Price (dollars per car) 900,000- so850,000- 800,000 0750,000- 700,000- 650,000- 600,000+ 0 Fred 8 1 Michel Hua Carlos John Marty Bob Blaise Quantity Demanded(cars per year) If the price of a Spyder drops to $650,000, Instructions: Enter your responses as a whole number. a. how many Spyders can be sold at that price? b. how much consumer surplus will there be if all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (= price * quantity) will the car dealer get if he sells all the cars at (i) the same price ($650,000)? $ 5200000 (ii) the maximum price each buyer is willing to pay?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 2SCQ: Classify the following as a government-enforced barrier to entry, a banker to entry that is not...

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