Now, suppose another buyer, Yvette, enters the market for apartments, and her willingness to pay is $225,000.Based on Yvette's and Sean's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circlesymbol). Next, shade Sean's consumer surplus using the green rectangle (triangle symbols), and shade Yvette's consumer surplus using thepurple rectangle (diamond symbols).Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect thepoints automatically.PRICE (Thousands of dollars)360315270225180135450023QUANTITY (Apartments)TrueMarket PriceFalse45Suppose Bob is willing to pay a total of $135,000 for an apartment.Demand CurveSean's Consumer SurplusYvette's Consumer SurplusTrue or False: Keeping his maximum willingness to pay for an apartment in mind, Bob will not buy the apartment because it wouldbe worth less to him than its market price of $180,000.(?) Consider the market for apartments. The market price of each apartment is $180,000, and each buyer demands no more thanone apartment.Suppose that Sean is the only consumer in the apartment market. His willingness to pay for an apartment is $315,000. Based onSean's willingness to pay, the following graph shows his demand curve for apartments.Shade the area representing Sean's consumer surplus using the green rectangle (triangle symbols).?PRICE (Thousands of dollars)3603152702251801354501Sean's Demand23QUANTITY (Apartments)Market PriceSean's Consumer SurplusNow, suppose another buyer, Yvette, enters the market for apartments, and her willingness to pay is $225,000.Based on Yvette's and Sean's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circlesymbol). Next, shade Sean's consumer surplus using the green rectangle (triangle symbols), and shade Yvette's consumer surplus using thepurple rectangle (diamond symbols).Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect thepoints automatically.

The consumer would buy a good if his willingness to pay is greater than the market price. The…

Now, suppose another buyer, Yvette, enters the market for apartments, and her willingness to pay is $225,000. Based on Yvette's and Sean's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Sean's consumer surplus using the green rectangle (triangle symbols), and shade Yvette's consumer surplus using the purple rectangle (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. PRICE (Thousands of dollars) 360 315 270 225 180 135 45 0 0 2 3 QUANTITY (Apartments) Market Price True False Demand Curve || Sean's Consumer Surplus Suppose Bob is willing to pay a total of $135,000 for an apartment. Yvette's Consumer Surplus True or False: Keeping his maximum willingness to pay for an apartment in mind, Bob will not buy the apartment because it would be worth less to him than its market price of $180,000.

Now, suppose another buyer, Yvette, enters the market for apartments, and her willingness to pay is $225,000. Based on Yvette's and Sean's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Sean's consumer surplus using the green rectangle (triangle symbols), and shade Yvette's consumer surplus using the purple rectangle (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. PRICE (Thousands of dollars) 360 315 270 225 180 135 45 0 0 2 3 QUANTITY (Apartments) Market Price True False Demand Curve || Sean's Consumer Surplus Suppose Bob is willing to pay a total of $135,000 for an apartment. Yvette's Consumer Surplus True or False: Keeping his maximum willingness to pay for an apartment in mind, Bob will not buy the apartment because it would be worth less to him than its market price of $180,000.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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