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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4. Suppose the market for apples are shown in the graph below, Calculate Consumer surplus _____________ and Producers Surplus _________________.
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16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)
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8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 Demand 0 Supply 40 4 80 120 160 200 240 280 320 360 QUANTITY (Millions of headsets) Total surplus in this market is $ 400 million. Equilibrium A Consumer Surplus ◇ Producer Surplus