7. Total economic surplus The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of laptops) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus ◇ Producer Surplus
7. Total economic surplus The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of laptops) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus ◇ Producer Surplus
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 33RQ: What is total surplus? How is it illustrated on a demand and supply diagram?
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![7. Total economic surplus
The following diagram shows supply and demand in the market for laptops.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop)
250
225
200
175
150
125
100
75
50
25
0
0
Demand
Supply
35 70 105 140 175 210 245 280 315 350
QUANTITY (Millions of laptops)
Total surplus in this market is $
million.
+
Equilibrium
A
Consumer Surplus
Producer Surplus
(?)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd3f5c0e-287b-4c90-92ef-419f15feb161%2Fab568c37-bdc0-4fcc-ad49-f741e43d4db6%2Fihipgb_processed.png&w=3840&q=75)
Transcribed Image Text:7. Total economic surplus
The following diagram shows supply and demand in the market for laptops.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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 laptop)
250
225
200
175
150
125
100
75
50
25
0
0
Demand
Supply
35 70 105 140 175 210 245 280 315 350
QUANTITY (Millions of laptops)
Total surplus in this market is $
million.
+
Equilibrium
A
Consumer Surplus
Producer Surplus
(?)
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