Homework (Ch 07)The following diagram shows supply and demand in the market for smartphones.Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill thearea representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus.150Demand135Equilibrium120105Consumer Surplus907560Producer Surplus4530150-9°FunnyPRICE (Dollars per phone)0Supply2040 60 80 100 120 140QUANTITY (Millions of phones)160 180 200B210 59°FSunnyPRICE (Dollars per phone)1501351201059075604530150DemandSupply80 100 120 140 160 180 200million.020 40 60Total surplus in this market is $QUANTITY (Millions of phones)EquilibriumAConsumer SurplusProducer Surplus

"Demand curve indicates a negative relationship between price of the product and quantity demanded…

PRICE (Dollars per phone) 150 135 120 105 90 75 60 45 30 15 0 Demand Supply 80 100 120 140 160 180 200 million. 0 20 40 60 Total surplus in this market is $ QUANTITY (Millions of phones) + Equilibrium A Consumer Surplus Producer Surplus

PRICE (Dollars per phone) 150 135 120 105 90 75 60 45 30 15 0 Demand Supply 80 100 120 140 160 180 200 million. 0 20 40 60 Total surplus in this market is $ QUANTITY (Millions of phones) + Equilibrium A Consumer Surplus Producer Surplus

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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