Please answer correct the answer explain calculation Don't answer by Pen paper please The following graph plots the supply and demand curves in the market for polaroid cameras.Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. Then use the green point (triangle symbol) to fillthe area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 250Demand175150125X1007550Supply90 180 270 360 450 540 630 720 810 900QUANTITY (Millions of cameras)PRICE (Dollars per camera)2252002500Total surplus in this market is $million.EquilibriumConsumer SurplusProducer Surplus?

Equilibrium point is the point where demand is equals to supply.The price at which equilibrium…

PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 O Demand Supply 0 90 180 270 360 450 540 630 720 QUANTITY (Millions of cameras) Total surplus in this market is $ 810 900 million. Equilibrium A Consumer Surplus Producer Surplus ?

PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 O Demand Supply 0 90 180 270 360 450 540 630 720 QUANTITY (Millions of cameras) Total surplus in this market is $ 810 900 million. 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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Question

Please answer correct the answer explain calculation

Don't answer by Pen paper please

The following graph plots the supply and demand curves in the market for polaroid cameras.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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.

250
Demand
175
150
125
X
100
75
50
Supply
90 180 270 360 450 540 630 720 810 900
QUANTITY (Millions of cameras)
PRICE (Dollars per camera)
225
200
25
0
0
Total surplus in this market is $
million.
Equilibrium
Consumer Surplus
Producer Surplus
?

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