Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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 scooter) 350 315 280 245 210 175 140 105 70 35 0 0 Demand Supply + 55 110 165 220 275 330 385 440 495 550 QUANTITY (Millions of scooters) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus Producer Surplus
Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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 scooter) 350 315 280 245 210 175 140 105 70 35 0 0 Demand Supply + 55 110 165 220 275 330 385 440 495 550 QUANTITY (Millions of scooters) Total surplus in this market is $ million. + Equilibrium A Consumer Surplus Producer Surplus
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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