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2. Individual demand and consumer surplus Consider the market for apartments. The market price of each apartment is $225,000, and each buyer demands no more

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2. Individual demand and consumer surplus Consider the market for apartments. The market price of each apartment is $225,000, and each buyer demands no more than one apartment. Suppose that Rajiv is the only consumer in the apartment market. His willingness to pay for an apartment is $360,000. Based on Rajiv's willingness to pay, the following graph shows his demand curve for apartments. Shade the area representing Rajiv's consumer surplus using the green rectangle (triangle symbols). ? Rajiv's Demand 315 Rajiv's Consumer Surplus Market Price 180 PRICE (Thousands of dollars) 135 90 45 QUANTITY (Apartments) Now, suppose another buyer, Simone, enters the market for apartments, and her willingness to pay is $315,000. Based on Simone's and Rajiv's respective willingness to pay, plot the market demand curve on the following graph using the blue points (circle symbol). Next, shade Rajiv's consumer surplus using the green rectangle (triangle symbols), and shade Simone's consumer surplus using the purple rectangle (diamond symbols). Note: Plot your points as a step function in the order in which you would like them connected. Line segments will connect the points automatically

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