In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 60 have been sold. If it is estimated that 375 could have been sold if the price had been 590,000 dollars. Assuming that the demand curve is a straight line, and that 590,000 dollars and 375 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price. surplus = thousands of dollars

In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 60 have been sold. If it is estimated that 375 could have been sold if the price had been 590,000 dollars. Assuming that the demand curve is a straight line, and that 590,000 dollars and 375 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price. surplus = thousands of dollars

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 9EB: Baghdad Company produces a single product. They have recently received the result of a market survey...

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