Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to filu the area epresenting consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 150 Demand Equilbrium 120 105 90 Consumer Surplus Dollars per tablet)
Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to filu the area epresenting consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 150 Demand Equilbrium 120 105 90 Consumer Surplus Dollars per tablet)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
8. Total economic surplus
The following diagram shows supply and demand in the market for tablets.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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 .
Transcribed Image Text:8. Total economic surplus
The following diagram shows supply and demand in the market for tablets.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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
A
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 tablets)
Total surplus in this market is
million.
PRICE (Dollars per tablet)
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