Use the figure to answer three questions.1,050,0001,000,000950,000-$900,000Price (dollars per car)850,000-802800,000750,000700,000650,000600,000-0FredMarket DemandPorsche SpyderMichelHuaCarlosJohnMartyBobIf the price of a Spyder drops to $800,000,Blaise.Quantity Demanded (cars per year) 650,000600,000-0234568BlaiseQuantity Demanded (cars per year)9If the price of a Spyder drops to $800,000,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 (pricex quantity) will the car dealer get if he sells the cars at(1) the same price ($800,000)?(ii) the maximum price each buyer is willing to pay?

This can be defined as a concept that shows the summation of the surplus of both parties that…

If the price of a Spyder drops to $800,000, 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 x quantity) will the car dealer get if he sells the cars at (1) the same price ($800,000)?

If the price of a Spyder drops to $800,000, 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 x quantity) will the car dealer get if he sells the cars at (1) the same price ($800,000)?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 9QP

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