believe i got two of two correct here, trying to figure out the blanks Market Demandfor Porsche Spyder1,050,000-Fred1,000,000-Michel950,000-HuaO900,000-Carlosn850,000-John800,000-Marty000, 50רפBob700,000-Blaise650,000-800,000+127Quantity Demanded(cars per year)Price (dollarş per car) If the price of a Spyder drops to $800,000,Instructions: Enter your responses as a whole number.a. how many Spyders can be sold at that price?15b. how much consumer surplus will there be if all the cars are sold at that price?Combined consumer surplus: $c. how much revenue (= price x quantity) will the car dealer get if he sells all the cars at(i) the same price ($800,000)?$ 2000000(ii) the maximum price each buyer is willing to pay?

Here, the demand curve shows the different willingness to pay of different consumers.

Market Demand for Porsche Spyder 1,050,000 Fred 1,000,000- Michel 950,000- Hua 900,000- Carlos n850,000- John 8800,000- Marty 0750,000- Bob 700,000- Blaise 850,000- 800,000- 1 3 9 Quantity Demanded(cars per year) Price (dollars per car)

Market Demand for Porsche Spyder 1,050,000 Fred 1,000,000- Michel 950,000- Hua 900,000- Carlos n850,000- John 8800,000- Marty 0750,000- Bob 700,000- Blaise 850,000- 800,000- 1 3 9 Quantity Demanded(cars per year) Price (dollars per car)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

believe i got two of two correct here, trying to figure out the blanks

Market Demand
for Porsche Spyder
1,050,000-
Fred
1,000,000-
Michel
950,000-
Hua
O900,000-
Carlos
n850,000-
John
800,000-
Marty
000, 50רפ
Bob
700,000-
Blaise
650,000-
800,000+
1
2
7
Quantity Demanded(cars per year)
Price (dollarş per car)

If the price of a Spyder drops to $800,000,
Instructions: Enter your responses as a whole number.
a. how many Spyders can be sold at that price?
15
b. how much consumer surplus will there be if all the cars are sold at that price?
Combined consumer surplus: $
c. how much revenue (= price x quantity) will the car dealer get if he sells all the cars at
(i) the same price ($800,000)?
$ 2000000
(ii) the maximum price each buyer is willing to pay?

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