The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of laptops) Total surplus in this market is $ million. PRICE (Dollars per laptop)

The following diagram shows supply and demand in the market for laptops. Use the black point (plus symbol) to indicate the equilibrium price and quantity of laptops. 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. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of laptops) Total surplus in this market is $ million. PRICE (Dollars per laptop)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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