Refer to the figure below. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S Quantity D 10 20 30 40 50 60 70 80 90 100110 Tools 8 CS ES eq Instructions: Enter your answers as a whole number. a. What is the quantity demanded at $150 per game console? Quantity demanded. game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied: game consoles PS c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ O

Refer to the figure below. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S Quantity D 10 20 30 40 50 60 70 80 90 100110 Tools 8 CS ES eq Instructions: Enter your answers as a whole number. a. What is the quantity demanded at $150 per game console? Quantity demanded. game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied: game consoles PS c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ O

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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Question

### Market for Game Consoles

#### Graph Description
The graph illustrates the market for game consoles, displaying the supply (S) and demand (D) curves. The x-axis represents the quantity of game consoles, ranging from 0 to 110. The y-axis shows the price in dollars, ranging from $0 to $600. The supply curve (S) is upward-sloping, and the demand curve (D) is downward-sloping. The curves intersect at the equilibrium point.

#### Tools
- **CS**: Consumer Surplus
- **PS**: Producer Surplus
- **ES\_eq**: Economic Surplus at Equilibrium

#### Instructions
Enter your answers as whole numbers.

**a. What is the quantity demanded at $150 per game console?**

- **Quantity demanded:** \_\_\_\_ game consoles

**b. What is the quantity supplied at $150 per game console?**

- **Quantity supplied:** \_\_\_\_ game consoles

**c. What is the consumer surplus generated at a price of $150 per game console?**

- **Instructions:** Use the tool provided "CS" to illustrate this area on the graph.
- **Consumer surplus:** \$\_\_\_\_

**d. What is the producer surplus generated at a price of $150 per game console?**

- **Instructions:** Use the tool provided "PS" to illustrate this area on the graph.
- **Producer surplus:** \$\_\_\_\_

**e. What is the 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 "ES\_eq" to illustrate this area on the graph.
- **Economic surplus in equilibrium:** \$\_\_\_\_

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