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On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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. 100 VO 8 40 e TO PRICE (Delars per phone) 888 40 R 30 10 The Supply and Demand for Smartphones Demand 0 Supply 40 NO 120 160 200 240 260 320 360 QUANTITY (Phones) Total net benefit (or total surplus) in this market is + Equilibrium A Consumer Surplus Producer Surplus

On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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. 100 VO 8 40 e TO PRICE (Delars per phone) 888 40 R 30 10 The Supply and Demand for Smartphones Demand 0 Supply 40 NO 120 160 200 240 260 320 360 QUANTITY (Phones) Total net benefit (or total surplus) in this market is + Equilibrium A Consumer Surplus Producer Surplus

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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9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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 phone) 100 90 80 70 60 50 40 20 10 0 The Supply and Demand for Smartphones Demand 0 Supply 40 80 240 120 160 200 QUANTITY (Phones) 280 3:20 Total net benefit (or total surplus) in this market is S 360 400 + Equilibrium A Consumer Surplus Producer Surplus
 

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9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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 (Dolars per phone) 100 8292 229 90 30 20 10 9 The Supply and Demand for Smartphones Demand 0 Supply 40 20 120 100 200 240 200 320 360 QUANTITY (Phones) Total net benefit (or total surplus) in this market is S + Equilibrium A Consumer Surplus Producer Surplus
Transcribed Image Text:9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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 (Dolars per phone) 100 8292 229 90 30 20 10 9 The Supply and Demand for Smartphones Demand 0 Supply 40 20 120 100 200 240 200 320 360 QUANTITY (Phones) Total net benefit (or total surplus) in this market is S + Equilibrium A Consumer Surplus Producer Surplus
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