4. Total economic surplus The folloving 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 ill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 + 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of tablets) Total surplus in this market is S million. PRICE (Dol ars per tablet)

4. Total economic surplus The folloving 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 ill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand 250 225 Equilibrium 200 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 + 25 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of tablets) Total surplus in this market is S million. PRICE (Dol ars per tablet)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section7.2: Producer Surplus

Problem 2QQ

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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) 400 380 280 240 200 160 120 80 40 0 0 Demand Supply 300 375 450 525 600 QUANTITY (Millions of headsets) 75 150 Total surplus in this market is 750 $160,000 million. Equilibrium Consumer Surplus ◇ Producer Surplus
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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. 250 Demand 225 Equilibrium 200 A 175 150 Consumer Surplus 125 100 Producer Surplus 75 50 25 Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of tablets) Total surplus in this market is $ million. PRICE (Dollars per tablet)
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