Chapter 07 Homework Consider the market for electric vehicles. The market price of each electric vehicle is $340,000, and each consumer demands no more than one electric vehicle. Suppose that Antonio is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $595,000. Based on Antonio's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Antonio's consumer surplus using the green rectangle (triangle symbols). ' PRICE (Thousands of dollars) 680 Antonio's Demand 505 510 425 3'0 255 170 85 ° ° 1 2 3 QUANTITY (Electric vehicles) Market Price Antonio's Consumer Surplus Now, suppose another buyer, Caroline, enters the market for electric vehicles, and her willingness to pay is $425,000. * F1 MacBook Air 17 Dil 15 80 888 8 F2 F3 74 75 16 8: 110

Chapter 07 Homework Consider the market for electric vehicles. The market price of each electric vehicle is $340,000, and each consumer demands no more than one electric vehicle. Suppose that Antonio is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $595,000. Based on Antonio's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Antonio's consumer surplus using the green rectangle (triangle symbols). ' PRICE (Thousands of dollars) 680 Antonio's Demand 505 510 425 3'0 255 170 85 ° ° 1 2 3 QUANTITY (Electric vehicles) Market Price Antonio's Consumer Surplus Now, suppose another buyer, Caroline, enters the market for electric vehicles, and her willingness to pay is $425,000. * F1 MacBook Air 17 Dil 15 80 888 8 F2 F3 74 75 16 8: 110

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter6: Demand Relationships Among Goods

Section: Chapter Questions

Problem 6.4P

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