11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curvefor TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q206 as shown in the diagram below. When the market quantity demanded is 600,what is the market price?337206JacobJulius1031348A. R312.34B. R189.11C. R56.00D. R206.22E. R807.00

From the equations in the question, we see that the demand of Jacod abd Julius is given.From the…

Answered: 11. Suppose Jacob and Julius are the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. If the demand equation is L=100-10r find the consumer's surplus when the consumer purchases 8 units.
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Consider the market for electric vehicles. The market price of each electric vehicle is $200,000, and each consumer demands no more than one electric vehicle. Suppose that Jake is the only consumer in the electric vehicle market. Their willingness to pay for an electric vehicle is $350,000. Based on Jake's willingness to pay, the following graph shows his demand curve for electric vehicles. Shade the area representing Jake's consumer surplus using the green rectangle (triangle symbols). PRICE (Thousands of dollars) 400 Jake's Demand 350 300 250 200 150 100 50 Market Price 0 0 3 4 5 QUANTITY (Electric vehicles) Jake's Consumer Surplus Now, suppose another buyer, Latasha, enters the market for electric vehicles, and her willingness to pay is $250,000. Based on Latasha's and Jake's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Jake's consumer surplus using the green rectangle (triangle symbols), and…
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