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) 400 300 320 200 240 200 160 120 8 40 0 Demand Supply I I 0 75 150 225 300 375 460 526 600 675 750 QUANTITY (Milions of headsets) Total surplus in this market is s million. ** Equilibrium Consumer Surplus Producer 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) 400 300 320 200 240 200 160 120 8 40 0 Demand Supply I I 0 75 150 225 300 375 460 526 600 675 750 QUANTITY (Milions of headsets) Total surplus in this market is s million. ** Equilibrium Consumer Surplus Producer Surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
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) 250 225 200 175 150 100 50 25 Demand 0 Supply 25 NO 75 100 125 100 QUANTITY BUN 175 200 225 250 + Equilibrium A Consumer Surplus Producer Surplus
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