Refer to the figure below.
What is the
Instructions: Use the tool provided “CS” to illustrate this area on the graph.
Consumer surplus: $ ____
What is the
Instructions: Use the tool provided “PS” to illustrate this area on the graph.
Producer surplus: $ ____
e. What is total economic surplus at a price of $150 per game console?
Economic surplus: $ _____
f. What is the economic surplus generated if the market were in equilibrium?
Instructions: Use the tool provided “ESeq” to illustrate this area on the graph.
Economic surplus in equilibrium: $ ______
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
