If John's maximum price threshold increased by 70 percent, Instructions: Enter your response as a whole number. (Note: Consumer surplus is never a negative number.) a. would he buy a Spyder at a market price of $847,975? Yes b. how much consumer surplus would he have? $ 8,025 8
If John's maximum price threshold increased by 70 percent, Instructions: Enter your response as a whole number. (Note: Consumer surplus is never a negative number.) a. would he buy a Spyder at a market price of $847,975? Yes b. how much consumer surplus would he have? $ 8,025 8
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:If John's maximum price threshold increased by 70 percent,
Instructions: Enter your response as a whole number. (Note: Consumer surplus is never a negative number.)
a. would he buy a Spyder at a market price of $847,975?
Yes
b. how much consumer surplus would he have?
$ 8,025 8

Transcribed Image Text:Use the figure to answer two questions.
Market Demand
for Porsche Spyder
1,050,000-
Fred
1,000,000-
Michel
950,000-
Hua
900,000-
Carlos
„850,000-
John
2800,000-
Marty
750,000
Bob
700,000-
Blaise
850,000-
800,000+
2
3
5
8
9
Quantity Demanded(cars per year)
Price (dollars per car)
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