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. ? PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 O O Demand Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cameras) Total surplus in this market is million. Equilibrium A Consumer Surplus Producer Surplus woon
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. ? PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 O O Demand Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cameras) Total surplus in this market is million. Equilibrium A Consumer Surplus Producer Surplus woon
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
100%
Total economic surplus
The following graph plots the supply and demand curves in the market for polaroid cameras.
Total surplus in this market is _ million?
*instructions on how to help*
Use the Blackpoint (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 of representing producer surplus .
Answer then, what is the total surplus in this market.
Transcribed Image Text:4. Total economic 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.
?
PRICE (Dollars per camera)
250
225
200
175
150
125
100
75
50
25
0
0
Demand
Supply
30
60
90
QUANTITY (Millions of cameras)
Total surplus in this market is
120 150 180 210 240 270
300
million.
Equilibrium
A
Consumer Surplus
Producer Surplus
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