4. Total economic surplus The folloving diagram shows supply and demand in the market for tablets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to ill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 + 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of tablets) Total surplus in this market is S million. PRICE (Dol ars per tablet)

4. Total economic surplus The folloving diagram shows supply and demand in the market for tablets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to ill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 + 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of tablets) Total surplus in this market is S million. PRICE (Dol ars per tablet)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q)Using this diagram calculate : 1) The producer surplus after change 2) The total surplus after the change Explains it correctly
4. Suppose the market for apples are shown in the graph below, Calculate Consumer surplus _____________ and Producers Surplus _________________.
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Price $0 $5 $10 $15 $20 A 9:28 AM C E Supply of Grapefruits 0 5 10 15 20 Both $10 Both $50 Both $200 This table shows the supply and demand schedule for the grapefruit market. Assume that the supply and demand curves are linear. At the market equilibrium price, what are the consumer surplus and the producer surplus? B Print Assessment D Demand for Grapefruits 20 15 10 5 0 CS $45; PS $15 Both $100
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Question 4. The graph given below is for the market for a water cooler. 120 110 100 90 80 PRICE 50 40 30 20 10 E Supply Demand 5 10 15 20 25 30 35 40 45 50 55 60 QUANTITY Based on the graph given, calculate the following: (Make sure to show all the steps) a. If the market is at equilibrium, what will be the consumer surplus, producer surplus, and total surplus b. Changes in the producer surplus when the price decreases to $40 per unit. c. Also explain the reasons for those changes (such as if any producers entered or left the market, existing producers' gain or loss). Please calculate the dollar amount of any gain/loss.
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