Consider the market for antique cars. The market price of each antique car is $140,000, and each buyer demands no more than one antique car. Suppose that Carlos is the only consumer in the antique car market. His willingness to pay for an antique car is $245,000. Based on Carlos's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Carios's consumer surplus using the green rectangle (triangle symbols). Shade the area representing Carlos's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 280 245 210 175 140 105 70 35 0 0 Carlos's Demand 2 QUANTITY (Antique cars) Market Price Carlos's Consumer Surplus ?

Consider the market for antique cars. The market price of each antique car is $140,000, and each buyer demands no more than one antique car. Suppose that Carlos is the only consumer in the antique car market. His willingness to pay for an antique car is $245,000. Based on Carlos's willingness to pay, the following graph shows his demand curve for antique cars. Shade the area representing Carios's consumer surplus using the green rectangle (triangle symbols). Shade the area representing Carlos's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 280 245 210 175 140 105 70 35 0 0 Carlos's Demand 2 QUANTITY (Antique cars) Market Price Carlos's Consumer Surplus ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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