Use the figure to answer three questions. Market Demand for Porsche Spyder 1,050.000- Fred 1,000.000- Michel 950.000- Hua Og00.000 Carlos o850,000 John ge00,000- Marty 750.000 Bob 700.000- Blaise 660.000 e00,000 Quantity Demanded(cars per year) If the price of a Spyder drops to $775,000, 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 all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (- price * quantity) will the car dealer get if he sells all the cars at ) the same price ($775,000)? %24 (u) the maximum price each buyer is willing to pay? Price (dollars per car).

Use the figure to answer three questions. Market Demand for Porsche Spyder 1,050.000- Fred 1,000.000- Michel 950.000- Hua Og00.000 Carlos o850,000 John ge00,000- Marty 750.000 Bob 700.000- Blaise 660.000 e00,000 Quantity Demanded(cars per year) If the price of a Spyder drops to $775,000, 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 all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (- price * quantity) will the car dealer get if he sells all the cars at ) the same price ($775,000)? %24 (u) the maximum price each buyer is willing to pay? 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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