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 0 Demand Supply 55 110 165 220 275 330 385 440 495 550 QUANTITY (Millions of headsets) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus Producer Surplus

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 0 Demand Supply 55 110 165 220 275 330 385 440 495 550 QUANTITY (Millions of headsets) Total surplus in this market is $ million. + Equilibrium A 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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