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.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 15PAE
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