The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing economic surplus in this market, and then determine how much economic surplus is generated in the market each week. Instructions: Use the tool provided "ES" to illustrate this area on the graph. Economic surplus: $1
The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing economic surplus in this market, and then determine how much economic surplus is generated in the market each week. Instructions: Use the tool provided "ES" to illustrate this area on the graph. Economic surplus: $1
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium
price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week.
Using the graph, show the area representing economic surplus in this market, and then determine how much economic
surplus is generated in the market each week.
Instructions: Use the tool provided "ES" to illustrate this area on the graph.
Economic surplus: $1

Transcribed Image Text:Price (dollars)
10
9
8
7
6
5
4
3
2
1
сл
Market for Artichokes
50
100
ES
D
150
S
200
Quantity (pounds of artichokes)
250
ES
coordinates:
pt
1
2
3
لها
X
100
100
150
SAVE
y
3
0
0
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