There are four consumers willing to pay the following amounts for an electric car: Consumer 1: $70,000 Consumer 2: $20,000 Consumer 3: $80,000…



1. There are four consumers willing to pay the following amounts for an electric car:Consumer 1: $70,000 Consumer 2: $20,000 Consumer 3: $80,000 Consumer 4: $40,000There are four firms that can produce electric cars. Each can produce one car at the followingcosts:Firm A: $30,000 Firm B: $60,000 Firm C: $40,000 Firm D: $20,000Suppose that each firm can produce at most one car, and we wanted to maximize the difi’erencebetween consumers’ willingness to pay for electric cars and the cost of producing those cars, i.e., we wanted to maximize social surplus. How many electric cars should we produce? (A) 1 car (B) 2 cars(C) 3 cars (D) 4 cars 2. According to above question, which firms should produce those cars?(A) firm A(B) firm A and firm B(C) firm A, firm C, and firm D(D) firm A, firm B, firm C, and firm D 3. According to above questions, which consumers should purchase those cars?(A) Consumer 2, Consumer 3, and Consumer 4(B) Consumer 1, Consumer 3, and Consumer 4(C) Consumer 1 and Consumer 3 (D) Consumer 2 and Consumer 4 4. According to above questions, find the maximum social surplus in the electric car market.(A) $100000(B) $90000(C) $190000(D) $120000

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