I dont believe the answer given was correct. If the Spyder drops to $800,000 isn't the amount of Spyders sold = to the sum of John, Carlos, Hua, Michel and Fred? Market Demandfor Porsche Spyder1,050,000-Fred1,000,000-Michel950,000-HuaO900,000-Carlosn850,000-John800,000-Marty000, 50רפBob700,000-Blaise650,000-800,000+127Quantity Demanded(cars per year)Price (dollarş per car) 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?15b. how much consumer surplus will there be if all 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 all the cars at(i) the same price ($800,000)?$ 2000000(ii) the maximum price each buyer is willing to pay?

Consumer surplus = price that the consumer is willing to pay - price that the consumer actually…

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? 15 b. how much consumer surplus will there be if all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (= price × quantity) will the car dealer get if he sells all the cars a (i) the same price ($800,000)? $ 2000000 (ii) the maximum price each buyer is willing to pay?

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? 15 b. how much consumer surplus will there be if all the cars are sold at that price? Combined consumer surplus: $ c. how much revenue (= price × quantity) will the car dealer get if he sells all the cars a (i) the same price ($800,000)? $ 2000000 (ii) the maximum price each buyer is willing to pay?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 2.1IP

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