Market for Game Consoles600Tools550500CSPS450400350ESeq30025020015010050D10 20 30 40 50 60 70 80 90 100110Quantitya. What is the quantity demanded at $150 per game console?Quantity demanded:20 game consolesb. What is the quantity supplied at $150 per game console?Quantity supplied:|80 game consolesc. What is the consumer surplus generated at a price of $150 per game console?Instructions: Use the tool provided "CS" to illustrate this area on the graph.Consumer surplus: $30000d. What is the producer surplus generated at a price of $150 per game console?Instructions: Use the tool provided “PS" to illustrate this area on the graph.Producer surplus: $3750e. What is total economic surplus at a price of $150 per game console?Economic surplus: $33750f. What is the economic surplus generated if the market were in equilibrium?Instructions: Use the tool provided “ESeg" to illustrate this area on the graph.Economic surplus in equilibrium: $56250Price (dollars)

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Market for Game Consoles 600 Tools 550 500 CS PS 450 400 S 350 ESeq 300 250 200 150 100 50 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the quantity demanded at $150 per game console? Quantity demanded: 20 game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied:| 80 game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ 30000 Price (dollars)

Market for Game Consoles 600 Tools 550 500 CS PS 450 400 S 350 ESeq 300 250 200 150 100 50 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the quantity demanded at $150 per game console? Quantity demanded: 20 game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied:| 80 game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ 30000 Price (dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Market for Game Consoles
600
Tools
550
500
CS
PS
450
400
350
ESeq
300
250
200
150
100
50
D
10 20 30 40 50 60 70 80 90 100110
Quantity
a. What is the quantity demanded at $150 per game console?
Quantity demanded:
20 game consoles
b. What is the quantity supplied at $150 per game console?
Quantity supplied:|
80 game consoles
c. What is the consumer surplus generated at a price of $150 per game console?
Instructions: Use the tool provided "CS" to illustrate this area on the graph.
Consumer surplus: $
30000
d. What is the producer surplus generated at a price of $150 per game console?
Instructions: Use the tool provided “PS" to illustrate this area on the graph.
Producer surplus: $
3750
e. What is total economic surplus at a price of $150 per game console?
Economic surplus: $
33750
f. What is the economic surplus generated if the market were in equilibrium?
Instructions: Use the tool provided “ESeg" to illustrate this area on the graph.
Economic surplus in equilibrium: $
56250
Price (dollars)

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