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Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 camera) 250 225 200 175 150 125 100 75 50 25 0 Demand Supply 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cameras) 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 polaroid cameras. 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 camera) 250 225 200 175 150 125 100 75 50 25 0 Demand Supply 0 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of cameras) Total surplus in this market is $ million. Equilibrium A Consumer Surplus Producer Surplus

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 3.8P
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8. Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 camera) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 30 60 90 120 150 180 210 240 QUANTITY (Millions of cameras) Total surplus in this market is $ 270 300 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 polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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 camera) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 30 60 90 120 150 180 210 240 QUANTITY (Millions of cameras) Total surplus in this market is $ 270 300 million. + Equilibrium A Consumer Surplus Producer Surplus
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