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Based on Janet's and Felix's respective willingness to pay, plot the market demand curve on the folowing graph using the blue points (a Next, shade Felix's consumer surplus using the green rectangle (triangle symbols), and shade Janet's consumer surplus using the purple (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points aut 320 280 Demand Curve 240 Market Price 200 Felix's Consumer Surplus 160 Janet's Consumer Surplus 120 80 40 2 QUANTITY (Antique cars) PRICE (Thousands of dollars)

Based on Janet's and Felix's respective willingness to pay, plot the market demand curve on the folowing graph using the blue points (a Next, shade Felix's consumer surplus using the green rectangle (triangle symbols), and shade Janet's consumer surplus using the purple (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points aut 320 280 Demand Curve 240 Market Price 200 Felix's Consumer Surplus 160 Janet's Consumer Surplus 120 80 40 2 QUANTITY (Antique cars) PRICE (Thousands of dollars)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Please complete all graphs and please complete the true or false question. I don't believe that the answer is correct for the true or false question. 

Now, suppose another buyer, Janet, enters the market for antique cars, and her willingness to pay is $240,000. Based on Janet's and Felix's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Felix's consumer surplus using the green rectangle (triangle symbols), and shade Janet's consumer surplus using the purple rectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically. 320 200 Demand Curve 240 Market Price 200 Felix's Consumer Surplus 160 120 Janet's Consumer Surplus 80 40 2 3 4 QUANTITY (Antique cars) Suppose Larry is willing to pay a total of $160,000 for an antique car. True or False: Keeping his maximum willingness to pay for an antique car in mind, Larry will not buy the antique car because it would be worth less to him than its market price of $200,000. True False PRICE (Thousands of dollars)
Transcribed Image Text:Now, suppose another buyer, Janet, enters the market for antique cars, and her willingness to pay is $240,000. Based on Janet's and Felix's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Felix's consumer surplus using the green rectangle (triangle symbols), and shade Janet's consumer surplus using the purple rectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically. 320 200 Demand Curve 240 Market Price 200 Felix's Consumer Surplus 160 120 Janet's Consumer Surplus 80 40 2 3 4 QUANTITY (Antique cars) Suppose Larry is willing to pay a total of $160,000 for an antique car. True or False: Keeping his maximum willingness to pay for an antique car in mind, Larry will not buy the antique car because it would be worth less to him than its market price of $200,000. True False PRICE (Thousands of dollars)
Consider the market for antique cars. The market price of each antique car is $200,000, and each buyer demands no more than one antique car. Suppose that Felix is the only consumer in the antique car market. His willingness to pay for an antique car is $320,000. Based on Felix's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Felix's consumer surplus using the green rectangle (triangle symbols). Felix's Demand 320 280 Felix's Consumer Surplus 240 Market Price 200 160 120 80 40 1 2 3 4 QUANTITY (Antique cars) PRICE (Thousands of dollars) 2)
Transcribed Image Text:Consider the market for antique cars. The market price of each antique car is $200,000, and each buyer demands no more than one antique car. Suppose that Felix is the only consumer in the antique car market. His willingness to pay for an antique car is $320,000. Based on Felix's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Felix's consumer surplus using the green rectangle (triangle symbols). Felix's Demand 320 280 Felix's Consumer Surplus 240 Market Price 200 160 120 80 40 1 2 3 4 QUANTITY (Antique cars) PRICE (Thousands of dollars) 2)
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