Use the figure to answer three questions. 1,050,000 1,000,000 950,000 dollars per car) 900,000 850,000 800,000 Market Demand Porsche Spyder Fred (1, 1050000) Michel Hua Carlos John
Use the figure to answer three questions. 1,050,000 1,000,000 950,000 dollars per car) 900,000 850,000 800,000 Market Demand Porsche Spyder Fred (1, 1050000) Michel Hua Carlos John
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...
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![If the price of a Spyder drops to $750,000,
Instructions: Enter your responses as a whole number.
a. How many Spyders can be sold at that price?
b. How much consumer surplus will there be if the cars are sold at that price?
Combined consumer surplus:
c. How much revenue (price × quantity) will the car dealer get if he sells the cars at
(i) the same price ($750,000)?
(ii) the maximum price each buyer is willing to pay?
LA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe7996442-45f8-49ee-ad11-731eb21a7be7%2F954d7040-55f4-40fb-83f6-06b01706d51e%2Fq2yw0fs_processed.png&w=3840&q=75)
Transcribed Image Text:If the price of a Spyder drops to $750,000,
Instructions: Enter your responses as a whole number.
a. How many Spyders can be sold at that price?
b. How much consumer surplus will there be if the cars are sold at that price?
Combined consumer surplus:
c. How much revenue (price × quantity) will the car dealer get if he sells the cars at
(i) the same price ($750,000)?
(ii) the maximum price each buyer is willing to pay?
LA
![Use the figure to answer three questions.
1,050,000
1,000,000
950,000
Price (dollars per car)
900,000
850,000
2800,000
750,000
700,000
650,000
600,000
0
T
1
Fred
(1, 1050000)
Michel
2
Market Demand
Porsche Spyder
T
3
Hua
4
Carlos
5
John
6
Marty
7
Bob
8
Blaise
Quantity Demanded (cars per year)
9](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe7996442-45f8-49ee-ad11-731eb21a7be7%2F954d7040-55f4-40fb-83f6-06b01706d51e%2Fqdm7frg_processed.png&w=3840&q=75)
Transcribed Image Text:Use the figure to answer three questions.
1,050,000
1,000,000
950,000
Price (dollars per car)
900,000
850,000
2800,000
750,000
700,000
650,000
600,000
0
T
1
Fred
(1, 1050000)
Michel
2
Market Demand
Porsche Spyder
T
3
Hua
4
Carlos
5
John
6
Marty
7
Bob
8
Blaise
Quantity Demanded (cars per year)
9
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