Homework Answers
Answer:
Part 1:
Market price = $200,000.
Kevin's willingness to pay = $320,000.
His excess willingness to pay over market price is shown in the green rectangle.
Maria's willingness to pay = $240,000.
Her willingness to pay is more than the market price. It is shown in the purple rectangle.
Rajiv's willingness to pay = $160,000. It is below the market price. So he will not buy the car. Or, he is not willing to buy an antique car.
Part 2:
True or false:
Rajiv will not buy the car because it would be worth less to him than its market price of $200,000.
True.
reason: As Rajiv's willingness to pay for the antique car is lower than the market price. It means that the car is less worth to him than the market price. So he is not willing to pay the market price or $200,000.
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Consider the market for yachts. The market price of each yacht
is $350,000, and each buyer demands no more than one yacht.
Suppose that Sam is the only consumer in the yacht market. His
willingness to pay for a yacht is $560,000. Based on Sam's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Sam's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer,...
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Consider the market for apartments. The market price of each
apartment is $180,000, and each buyer demands no more than one
apartment.
Suppose that Van is the only consumer in the apartment market. His
willingness to pay for an apartment is $315,000. Based on Van's
willingness to pay, the following graph shows his demand curve for
apartments.
Now, suppose another buyer, Amy, enters the market for
apartments, and her willingness to pay is $225,000.
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Individual demand and consumer surplus
Consider the market for yachts. The market price of each yacht
is $180,000, and each buyer demands no more than one yacht.
Suppose that Clancy is the only consumer in the yacht market.
His willingness to pay for a yacht is $315,000. Based on Clancy's
willingness to pay, the following graph shows his demand curve for
yachts.
Shade the area representing Clancy's consumer surplus using the
green rectangle (triangle symbols).
Now, suppose another buyer, Eileen,...
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