4. Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 (perce 350 315 Demand 245 20 175 143 105 70 26 Supply 110 165 220 275 330 385 440 435 550 QUANTITY (Mons of cameras) Total surplus in this market is million. Equilibrium Consumer Surplus Producer Surplus

4. Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 (perce 350 315 Demand 245 20 175 143 105 70 26 Supply 110 165 220 275 330 385 440 435 550 QUANTITY (Mons of cameras) Total surplus in this market is million. Equilibrium Consumer Surplus Producer Surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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