Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. 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. ? ICE (Dollars per headset) 300 270 240 210 180 150 120 Demand Equilibrium A Consumer Surplus Producer Surplus

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8. Total economic surplus
The following graph plots the supply and demand curves in the market for VR headsets.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. 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 headset)
300
270
240
210
180
150
120
90
60
30
0
0
Demand
Supply
50 100 150 200 250 300 350 400 450
QUANTITY (Millions of headsets)
Total surplus in this market is $
H
500
million.
Equilibrium
A
Consumer Surplus
Producer Surplus
?
Transcribed Image Text:8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. 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 headset) 300 270 240 210 180 150 120 90 60 30 0 0 Demand Supply 50 100 150 200 250 300 350 400 450 QUANTITY (Millions of headsets) Total surplus in this market is $ H 500 million. Equilibrium A Consumer Surplus Producer Surplus ?
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