low, suppose another buyer, Susan, enters the market for loft houses, and her willingness to pay is $425,000. Based on Susan's and Raphael's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle ymbol). Next, shade Raphael's consumer surplus using the green rectangle (triangle symbols), and shade Susan's consumer surplus using the purple ectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically.

low, suppose another buyer, Susan, enters the market for loft houses, and her willingness to pay is $425,000. Based on Susan's and Raphael's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle ymbol). Next, shade Raphael's consumer surplus using the green rectangle (triangle symbols), and shade Susan's consumer surplus using the purple ectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter5: Consumer Choice: Individual And Market Demand

Section: Chapter Questions

Problem 6TY

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