low, suppose another buyer, Susan, enters the market for loft houses, and her willingness to pay is $425,000. Based on Susan's and Raphael's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle ymbol). Next, shade Raphael's consumer surplus using the green rectangle (triangle symbols), and shade Susan's consumer surplus using the purple ectangle (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.

low, suppose another buyer, Susan, enters the market for loft houses, and her willingness to pay is $425,000. Based on Susan's and Raphael's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle ymbol). Next, shade Raphael's consumer surplus using the green rectangle (triangle symbols), and shade Susan's consumer surplus using the purple ectangle (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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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