2. Individual demand and consumer surplus Consider the market for antique cars. The market price of each antique car is $180,000, and each buyer demands no more than one antique car. Suppose that Jake is the only consumer in the antique car market. His willingness to pay for an antique car is $315,000. Based on Jake's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols).
2. Individual demand and consumer surplus Consider the market for antique cars. The market price of each antique car is $180,000, and each buyer demands no more than one antique car. Suppose that Jake is the only consumer in the antique car market. His willingness to pay for an antique car is $315,000. Based on Jake's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols).
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 15PAE
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2. Individual demand and consumer surplus
Consider the market for antique cars. The market price of each antique car is $180,000, and each buyer demands no more than one antique car.
Suppose that Jake is the only consumer in the antique car market. His willingness to pay for an antique car is $315,000. Based on Jake's willingness to pay, the following graph shows his demand curve for antique cars.
Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols).
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