Determine the equilibrium price and quantity of mobile phones. Based on this, use the green triangle (triangle symbols) to shade the area representing consumer surplus at the equilibrium price. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus at the equilibrium price. PRICE (Dollars per mobile phones) 250 225 Demand 200 176 150 125 100 75 60 25 0 0 Supply A 6 10 20 25 30 35 40 15 QUANTITY (Millions of mobile phones) 45 50 Consumer Surplus Producer Surplus

Determine the equilibrium price and quantity of mobile phones. Based on this, use the green triangle (triangle symbols) to shade the area representing consumer surplus at the equilibrium price. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus at the equilibrium price. PRICE (Dollars per mobile phones) 250 225 Demand 200 176 150 125 100 75 60 25 0 0 Supply A 6 10 20 25 30 35 40 15 QUANTITY (Millions of mobile phones) 45 50 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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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