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) 300 270 240 Demand 210 180 150 120 90 60 30 0 0 Supply 95 190 285 380 475 570 665 760 855 950 QUANTITY (Millions of cameras) Total surplus in this market is $ million. 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. PRICE (Dollars per camera) 300 270 240 Demand 210 180 150 120 90 60 30 0 0 Supply 95 190 285 380 475 570 665 760 855 950 QUANTITY (Millions of cameras) Total surplus in this market is $ million. Equilibrium A Consumer Surplus Producer Surplus
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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)
300
270
240
Demand
210
180
150
120
90
60
30
0
0
Supply
95 190 285 380 475 570 665 760 855 950
QUANTITY (Millions of cameras)
Total surplus in this market is $
million.
Equilibrium
A
Consumer Surplus
Producer Surplus
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