In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 55 have been sold. If it is estimated that 325 could have been sold if the price had been 580,000 dollars. Assuming that the demand curve is a straight line, and that 580,000 dollars and 325 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price. surplus = thousands of dollars

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 55 have been sold. If it is estimated that 325
could have been sold if the price had been 580,000 dollars. Assuming that the demand curve is a straight line, and that 580,000 dollars and 325 are the
equilibrium price and quantity, find the consumer surplus at the equilibrium price.
surplus =
thousands of dollars
Transcribed Image Text:In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 55 have been sold. If it is estimated that 325 could have been sold if the price had been 580,000 dollars. Assuming that the demand curve is a straight line, and that 580,000 dollars and 325 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price. surplus = thousands of dollars
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