The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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. 400 Demand 280 240 200 X 160 120 80 Supply PRICE (Dollars per camera) 360 320 40 0 0 75 150 225 300 375 450 525 600 675 750 QUANTITY (Millions of cameras) + Equilibrium A Consumer Surplus ◇ Producer Surplus

The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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. 400 Demand 280 240 200 X 160 120 80 Supply PRICE (Dollars per camera) 360 320 40 0 0 75 150 225 300 375 450 525 600 675 750 QUANTITY (Millions of cameras) + Equilibrium A Consumer Surplus ◇ Producer Surplus

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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