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. ? 350 PRICE (Dollars per headset) 315 280 245 210 175 + 140 Demand 105 + 70+ 35 0 0 Supply 40 A 80 120 160 200 240 280 320 360 400 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. ? 350 PRICE (Dollars per headset) 315 280 245 210 175 + 140 Demand 105 + 70+ 35 0 0 Supply 40 A 80 120 160 200 240 280 320 360 400 QUANTITY (Millions of headsets) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus ◇ Producer Surplus
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6QR
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