On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. 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. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. PRICE (Dollars per keyboard) 300 270 240 210 180 150 120 90 60 30 0 0 The Supply and Demand for Computer Keyboards Demand Supply 30 60 90 120 150 180 210 240 270 QUANTITY (Keyboards) Total net benefit (or total surplus) in this market is 300 Equilibrium A Consumer Surplus ◇ Producer Surplus

On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. 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. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. PRICE (Dollars per keyboard) 300 270 240 210 180 150 120 90 60 30 0 0 The Supply and Demand for Computer Keyboards Demand Supply 30 60 90 120 150 180 210 240 270 QUANTITY (Keyboards) Total net benefit (or total surplus) in this market is 300 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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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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