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If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____.

If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____.

 

I have step 1 I think.  25.00-2.50 =22.50

22.50x300= 6750/2 = 3,375

This is where I get stuck. I confused on the 2nd step break down of the numbers. I dont understand what numbers  and why including the  formula I need to use to figure out  the answer. Thank you 

Price (per hour of tutoring) $25 20 15 10 7.50 2.50 D 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) LO
Transcribed Image Text:Price (per hour of tutoring) $25 20 15 10 7.50 2.50 D 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) LO
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