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ss Tips ss Tips Consider the market for electric vehicles. The market price of each electric vehicle is $280,000, and each consumer demands no more than one electric vehicle. Suppose that Edison is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $490,000. Based on Edison's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Edison's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 560 Edison's Demand 490 420 350 280 210 140 Market Price Edison's Consumer Surplus (?) A+ O

ss Tips ss Tips Consider the market for electric vehicles. The market price of each electric vehicle is $280,000, and each consumer demands no more than one electric vehicle. Suppose that Edison is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $490,000. Based on Edison's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Edison's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 560 Edison's Demand 490 420 350 280 210 140 Market Price Edison's Consumer Surplus (?) A+ O

Microeconomic Theory
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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ss Tips ss Tips Consider the market for electric vehicles. The market price of each electric vehicle is $280,000, and each consumer demands no more than one electric vehicle. Suppose that Edison is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $490,000. Based on Edison's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Edison's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 560 Edison's Demand 490 420 350 280 210 140 Market Price Edison's Consumer Surplus (?) A+ O
Transcribed Image Text:ss Tips ss Tips Consider the market for electric vehicles. The market price of each electric vehicle is $280,000, and each consumer demands no more than one electric vehicle. Suppose that Edison is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $490,000. Based on Edison's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Edison's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 560 Edison's Demand 490 420 350 280 210 140 Market Price Edison's Consumer Surplus (?) A+ O
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