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 Shen is the only consumer in the antique car market. His willingness to pay for an antique car is $480,000. Based on Shen's willingness to payr the following graph shows his demand curve for antique cars. Shade the area representing Shen's consumer surplus using the green rectangle (triangle symbols). (9 Shen's Demand 430 H 420 Shen's Consumer Surplus A 360 E s . a Market Price 1: 300 \"a (ll '5 E 240 a: 3 O .C b 130 m L.' I n. 120 so 0 0 1 2 3 4 5 QUANTITY (Antique cars) Now, suppose another buyer, Valerie, enters the market for antique cars, and her willingness to pay is $420,000. Based on Valerie's and Shen's respective willingness to pay, plot the market demand curve on the folio wing graph using the blue points (circle symbol). Next, shade Shen's consumer surplus using the green rectangle (triangle symbols), and shade Valerle'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. 480 -O- 420 Demand Curve Market Price Ts' s E 300 \"5 Shen's Consumer Surplus m 'U i 24 8-8 ca 2 2 t. 130 Valerie's Consumer Surplus m 9 o: D- 120 60 o o 1 2 3 4 5 QUANTITY (Antique cars) Suppose Antonio is willing to pay.r a total of $240,000 for an antique car. True or False: Keeping his maximum willingness to pay for an antique car in mind, Antonio will buy the antique car because it would be worth more to him than its market price of $300,000. 0 True 0 False