2. A society of four individuals, A, B, C, and D, each characterized by his demand for automobiles, as given in the table. Assume that all automobiles are identical. The demand schedules for each person and for the group conform to the law of demand. Car-ownershin demands of A, B, C, and D I uanti of Automobiles A 2 2 2 2 030303030.) .p-thNNNNl-'HU 4; 1) Fill in the last column and draw the market demand curve for automobiles. 2) Compare A's demand schedule with B's, can we infer that B is wealthier than A? Why? 3) Suppose there are seven cars in this community, what is the equilibrium price? 4) Suppose all seven cars are owned by A, others have none. If Awould like to sell some of his cars at the price of $800 per unit, who will be the buyers? How many cars will be sold? 5) At $800, how many cars would A like to own? How many cars would he actually own? 6) At $800, is quantity demanded equal to quantity supplied? Is the market in equilibrium? 7) At $800, how would A maximize his net benet and what is the corresponding net benet? 8) Suppose all seven cars are owned by B while others have none. What would be the market equilibrium? What would be the total market welfare