**Question 4**Give the value for the consumer surplus in this market. Round to the penny.**Graph Explanation:**The graph displays a basic supply and demand model with the following features:- **Axes:** The vertical axis is labeled "P" for price, and the horizontal axis is labeled "Q" for quantity.- **Demand Curve (D):** This is a downward-sloping line represented in red, which intersects the price of 75 on the vertical axis and extends to the right along the horizontal axis.- **Supply Curve (S):** This is an upward-sloping line represented in blue, which intersects the price of 1 on the vertical axis and extends to the right.- **Equilibrium Point:** The two curves intersect at a point where the price is 45.4, and the quantity is 296.The consumer surplus can be calculated as the area of the triangle formed between the demand curve, the price level at equilibrium (45.4), and the price axis. This requires finding the area of the triangle with vertices at (0, 75), (0, 45.4), and (296, 45.4).**Answer Box:** A space is provided for inputting the calculated value for the consumer surplus, where the typed numeric answer will be automatically saved.

Answered: Question 4 Give the value for the…

Question 4 Give the value for the consumer surplus in this market. Round to the penny. P 75 45.4 1 Typed numeric answer will be automatically saved. 296 S □

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Here, in the given graph, equilibrium price is 45.4, equilibrium quantity is 296, minimum willingness to accept is $1, and maximum willingness to pay is $75.

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