Calculate consumer surplus when the market is in equilibrium. $ Price 70 (dollars per widget) 60. 50 40 30 20 10 0 10 20 130 8 50 Supply, S Demand, D Quantity of widgets

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Calculate consumer surplus when the market is in equilibrium. $_
Price 70
(dollars
per widget) 60.
50
40
30
20-
10
D
Question 4
10
20
2
40
50
Producer surplus is measured as the
Supply, S
Demand, D
6Quantity
of widgets
Oarea above the supply curve up to the market price
O area under the demand curve above market price
entire area under the supply curve
area under the demand curve above the supply curve
hp
Transcribed Image Text:Calculate consumer surplus when the market is in equilibrium. $_ Price 70 (dollars per widget) 60. 50 40 30 20- 10 D Question 4 10 20 2 40 50 Producer surplus is measured as the Supply, S Demand, D 6Quantity of widgets Oarea above the supply curve up to the market price O area under the demand curve above market price entire area under the supply curve area under the demand curve above the supply curve hp
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