2. Individual demand and consumer surplus

Consider the market for antique cars. The market price of each antique car is $300,000, and each buyer demands no more than one antique car.

Suppose that Dmitri is the only consumer in the antique car market. His willingness to pay for an antique car is $480,000. Based on Dmitri's willingness to pay, the following graph shows his demand curve for antique cars.

Shade the area representing Dmitri's consumer surplus using the green rectangle (triangle symbols).

PRICE (Thousands of dollars) Dmitri's Demand 480 420 360 300 240 180 120 60 0 0 2 3 QUANTITY (Antique cars) Market Price 4 5 Dmitri's Consumer Surplus