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3 Producer Surplus, PS $12 $11 S Book Print rences Legend ●Demand ● Supply Price $10 $9 $8 $7 $6 D $5 0 1 2 3 4 5 6 7 8 00 Tons of Wheat (in thousands) 9 10 a. Indicate the consumer surplus if the market is in equilibrium. Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph. b. Indicate the producer surplus if the market is in equilibrium. Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.

3 Producer Surplus, PS $12 $11 S Book Print rences Legend ●Demand ● Supply Price $10 $9 $8 $7 $6 D $5 0 1 2 3 4 5 6 7 8 00 Tons of Wheat (in thousands) 9 10 a. Indicate the consumer surplus if the market is in equilibrium. Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph. b. Indicate the producer surplus if the market is in equilibrium. Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 1PA
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3 Producer Surplus, PS $12 $11 S Book Print rences Legend ●Demand ● Supply Price $10 $9 $8 $7 $6 D $5 0 1 2 3 4 5 6 7 8 00 Tons of Wheat (in thousands) 9 10 a. Indicate the consumer surplus if the market is in equilibrium. Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph. b. Indicate the producer surplus if the market is in equilibrium. Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
Transcribed Image Text:3 Producer Surplus, PS $12 $11 S Book Print rences Legend ●Demand ● Supply Price $10 $9 $8 $7 $6 D $5 0 1 2 3 4 5 6 7 8 00 Tons of Wheat (in thousands) 9 10 a. Indicate the consumer surplus if the market is in equilibrium. Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph. b. Indicate the producer surplus if the market is in equilibrium. Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
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