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 the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 150 Demand 135 Equilibrium 120 105 90 Consumer Surplus 75 60 Producer Surplus 45 30 15 Supply 50 100 150 200 250 300 250 400 450 500 QUANTITY (Millions of phones) Total surplus in this market is $ million. PRICE (Dollars per phone)
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 the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 150 Demand 135 Equilibrium 120 105 90 Consumer Surplus 75 60 Producer Surplus 45 30 15 Supply 50 100 150 200 250 300 250 400 450 500 QUANTITY (Millions of phones) Total surplus in this market is $ million. PRICE (Dollars per phone)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 the area representing consumer surplus , and use the purple point (diamond symbol) to fill the area representing producer surplus .
Total surplus in this market is ________ million.
Transcribed Image Text: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 the
area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus.
150
Demand
135
Equilibrium
120
105
90
Consumer Surplus
75
60
Producer Surplus
45
30
15
Supply
50
100
150
200
250
300
350
400
450
500
QUANTITY (Millions of phones)
Total surplus in this market is $
million.
PRICE (Dollars per phone)
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